Buyers remorse happens to everyone. You buy something, you go home and the regret sets in. Perhaps it was an impulsive, inexpensive purchase; in which case you decide to forgive yourself and move on.
Most people buy things based on emotions. When it comes to bigger ticket items or major investments however, we are more likely to apply logic to the decision. Buyers weigh the pros and cons of their potential purchase. They do comparative research. In real estate, they prepare to negotiate.
Home sales reflect this unique mix of emotions and calculated thought. If you are selling your California home, understanding this balance is advantageous. No matter how you go about selling your house, you can increase your chances for success by understanding buyers remorse and its effects on the transaction as a whole.
Buying A Home Is Scary
Home buyers have a lot of fears. Among them: fear of commitment, fear of being taken advantage of, and fear of the unknown. It is not the home seller’s job to assuage their concerns. But what you can do is recognize those fears and how they holding them back.
If you are selling your home FSBO or dealing with buyers directly, most experts suggest addressing the potential for buyers remorse from the get go. Ask what their concerns are. Is it about price? Home inspection results? You may think it’s risky to agree with their worries but it is, in fact, quite effective. It provides an opportunity to add value. Explain that recent renovations upped the price tag and tell them that repairs you made actually save them money up front. You might add that the appliances are brand new too.
Addressing a negative is your chance to steer them back to something positive. What attracted them to the home in the first place? Reconnect them to that initial excitement and add something to it.
Homebuyers Are Busy
When potential buyers are excited by a listing or a showing, they do research. In most cases, that leaves them with more questions, room for doubt, thus the seeds of remorse.
This is so normal as to be expected. At this point, the interested buyer needs to be kept busy. If they have only made an initial inquiry, email them a PDF of features and details that are not mentioned on the online listings. Or, suggest websites offering positive information about the local area to stir interest in the neighborhood and community. For buyers who stop by, send them off with property brochures including photos of the home. Some real estate agents even create “homebuyer checklists” of things to do and people to contact. The accomplishable task makes them feel empowered by the process in general.
A Firm Contract
When it comes time to sign on the dotted line the potential for buyers remorse hits its peak.
Fears and emotions escalate for home sellers too. Will they change their mind? Even if you held their hand every step of the way and are confident about selling your California dream home, there are no guarantees. Buyers back out at the last minute for countless reasons.
You have made yourself available for their every need; the final days and hours before signing the contract should be no exception. Let the buyer know you’re only a phone call away at any time. You don’t want them feeling alone or uncertain about something at the last minute.
Remember, a home sale is a business deal. The more you know about California buyer-seller rights pertaining to the contract, the more success you will have getting it signed. If you are working with a broker or agent to sell your home, they will be able to explain the laws, terms and conditions. Hopefully these have already been made clear to the buyer. If they get cold feet or change their mind now, there is not much you can do to stop it.
The key to selling a California home is not about avoiding buyers remorse. But in many ways, it is about handling it. Understanding home buyer mentality provides clues for managing it.
If a buyers backs out at the last minute you may be left wondering, should I even bother trying again? If so, it is important to get the property listed as quickly as possible. Unfortunately, having taken it off in the first place may signal a red flag to potential buyers. They may wonder what is wrong with the home considering its removal and then return to the market.
Some home sellers seek alternatives to the traditional buyers market. In some cases they have simply run out of time. If you need to sell your California home quickly and for a fair price, working with cash buyers is always an option. Not only can they make an offer and close on the home fast, cash buyers take buyers and other unknowns out of the equation.
Do you have a California house to sell? If you aren’t having luck with the home selling process, we can help! We buy all kinds of homes for cash. Once we make you an offer, we do not change our minds about it! Give us a call and tell us about your California property!