A recent Zillow survey reported that 75% of recent homebuyers feel buyers remorse. As an agent, there's not much worse than feeling like all of your hard work and efforts with a client have ended up in them wishing they'd never bought their home. Preventing buyers remorse is possible and as an agent, you can plan ahead and prevent regret for your clients.
Start During the Search
Agents want to do their best, even in this competitive market, to avoid buyer burnout. This means that agents need to be two steps ahead at all times so that their clients don't become #overit. While this may seem like an impossible task when prices are sky-high and inventory is so low, it's all about setting realistic expectations. Ensuring your clients know the realities of the situation and that you are doing your best with what you have makes all the difference.
First time home buyers especially are more prone to buyers remorse. This is common even in a buyer's market. Those who buy for the first time often feel overwhelmed by the sheer responsibility of their recent purchase. Regardless if the buyers are new or seasoned, agents can avoid buyers remorse by making sure that they are very clear about non-negotiables and dealbreakers.
What if the Worst Happens?
If buyers remorse is inevitable and your clients feel comfortable enough to talk to you about it - there are some ways you can help them adjust their mindset. First, start by gently reminding them why they bought the house in the first place. They surely fell in love with many aspects. They didn't feel enough regret during the escrow period either, so, surely there isn't any big flaw with the home itself.
If their agent helped them make sure their their dealbreakers and must-haves were accounted for, then clients should be able to quickly snap out of buyers remorse. Encourage your clients to start decorating and moving in. Making a home feel like one's own is a great way to grow more attached to it. Finally, while the shock of the down payment, closing costs, and now a mortgage might seem like too much at first - it does get easier with time.
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