First-time home buyers: How do you handle buyer's remorse?

Buying your first home is a big decision that can bring both excitement and anxiety. But what if you start feeling regret or doubt after signing the contract? This is known as buyer's remorse, and it's not uncommon for first-time home buyers. In this article, you'll learn what causes buyer's remorse, how to prevent it, and how to cope with it if it happens.

1 What is buyer's remorse?

Buyer's remorse is the feeling of dissatisfaction or regret that you made a wrong choice or paid too much for something. It can affect any purchase, but it's especially common for large and long-term investments like a home. Buyer's remorse can be triggered by various factors, such as stress, fear, uncertainty, comparison, or external pressure.

Add your perspective

Anne Bennett, CRS,GRI,SRES

Berkshire Hathaway Home Services PenFed Realty
Report contribution
When I meet with first-time buyers, I tell them they will not likely get everything they want in a home, but our goal will be to get the essential items. I always stress location in terms of where they live, work, and play, if that's important but be prepared to venture out if necessary. The primary item for me is communication; with it, we both can be satisfied since timing in the real estate market is vital.

Like

2 How to prevent buyer's remorse?

To avoid buyer's remorse, it's important to prepare before starting your home search. Make a list of your must-haves and nice-to-haves, and prioritize them according to your budget and lifestyle. Research different neighborhoods, types of homes, and market conditions. Additionally, get pre-approved for a mortgage and know your limits. It's also beneficial to work with a professional real estate agent who can guide you through the process and negotiate on your behalf. Lastly, trust your gut when making decisions. Don't let emotions or pressure cloud your judgment. If you feel uncomfortable or unsure about a home, don't make an offer. If you find a home that meets your criteria and feels right, don't hesitate.

Add your perspective

Sladjana Zivkovic-Vukovic

Licensed Realtor at Leading Edge | INVISION RE Team
Report contribution
One of the key factors lies in setting realistic expectations and maintaining constant communication . Buyer remorse often stems from unmet expectations or feelings of regret after the purchase. To avoid this, it's crucial for the buyer agent to engage in open and honest conversations from the beginning. By clearly discussing the buyer's needs, the agent can help manage their expectations. The buyer agent should provide transparent information about the market, property conditions, and potential drawbacks throughout the process. This helps create a realistic picture for the buyer, ensuring they are well informed and prepared. The buyer agent should be accessible, actively listening to and addressing the buyer's concerns promptly.

Like

3 How to cope with buyer's remorse?

If you already signed the contract and feel buyer's remorse, don't panic. It's normal to have some second thoughts or worries after making a big commitment. To cope with it, remind yourself why you bought the home and review your list of needs and wants, focusing on the positive aspects of your purchase. Don't compare the home to other listings that might make you feel like you missed out or overpaid, as every home has its pros and cons. Seek support from family, friends, or your agent to reassure you and validate your decision. Once you move in, make it yours by personalizing your space and adding decor, furniture, or plants that reflect your taste and personality. Celebrate your achievement and enjoy your new home!

Add your perspective

4 What are the consequences of buyer's remorse?

Buyer's remorse can have negative consequences for both you and the seller if you don't handle it properly. Depending on the terms of your contract, you may have a cooling-off period or a contingency clause that allows you to cancel the deal without penalty. However, this can be costly and stressful for the seller, who may have already made plans based on your offer. You may also lose your earnest money deposit or face legal action if you breach the contract.

On the other hand, if you decide to go through with the purchase despite your buyer's remorse, you may end up unhappy or resentful in your new home. You may also have financial difficulties or regret missing other opportunities. That's why it's important to prevent buyer's remorse as much as possible, or cope with it effectively if it occurs.

Add your perspective

5 How can an agent help with buyer's remorse?

When it comes to dealing with buyer's remorse, a good real estate agent can be your ally and advocate. They can help you by educating you about the home buying process and what to expect at each stage, as well as listening to your needs and wants and finding homes that match them. Additionally, they can provide you with objective and honest information and feedback about the homes you view, negotiate the best price and terms for you, protect your interests, communicate with you regularly, and address any concerns or issues that arise. Furthermore, they can provide emotional and mental support throughout the journey.

Add your perspective

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

Add your perspective

First-time home buyers: How do you handle buyer's remorse?

1

2

3

4

5

6

1 What is buyer's remorse?

2 How to prevent buyer's remorse?

3 How to cope with buyer's remorse?

4 What are the consequences of buyer's remorse?

5 How can an agent help with buyer's remorse?

6 Here’s what else to consider

Working with First-Time Home Buyers

Rate this article

Thanks for your feedback

More articles on Working with First-Time Home Buyers

More relevant reading