Homebuyer Regrets — How to Save your Clients from Them
In a fast-paced housing market, it’s easy for a homebuyer to feel left with regret. Maybe they acted too fast, spent too much, or are just having a little bout of FOMO (that house across the stress looks so much better!)
Whatever it is, home buying remorse is common — and, fortunately, often preventable.
Do you want to keep that homebuyer remorse at bay? Here are four ways you can help:
Emphasize upfront research.
Don’t let a homebuyer go in blindly. Have them do a deep dive into which neighborhoods, school districts, amenities, and more — and make absolutely sure they know the best places for them to buy before starting their search.
You can even go further and have them test out the morning or afternoon commute (at rush hour) or pop by the school pickup line to scope things out. Be sure to check for loud train tracks, intersections, or airports nearby, too.
Prioritize their priorities.
Every homebuyer should have a must-have list, but even within that, set some priorities. Is it more important to have four bedrooms or an island kitchen? A first-floor master or a spacious game room? Have them put their desired features in order from most-wanted to least. This ensures that when time is tight, they can make a quick decision, without sacrificing what’s most important.
Run the numbers, and then run them again.
Just because a buyer is approved for a certain loan amount doesn’t mean it’s something they can comfortably afford — or that won’t drain their savings dry. Before you let a buyer bid at the top end of their budget — or, more importantly, go beyond it — make sure to crunch the numbers several times over.
What will it mean for their monthly payment? Their disposable income? The money they can save, stow away for retirement, or use toward family vacations or activities? Go through every scenario to make sure they won’t regret overspending.
The biggest regret a homebuyer will have is not listening to that inner voice, so help them tune into that. Don’t let them listen to what a friend, parent, or colleague has to say about a house. What do they think? Do they love it? Can they envision themselves there? Does it feel like a worthwhile investment? If so, there’s a much smaller chance of regret.