This week’s Q&A column is sponsored and written by Hope Peele of The Peele Group and McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact The Peele Group at 703-244-6115 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: What if I start to feel buyer’s remorse as I approach the closing table, or even after?
Answer: It’s not uncommon for even seasoned buyers to feel a little bit of buyer’s remorse as they begin to move forward with their new home purchase. Let’s talk about how to avoid buyer’s remorse before you commit to a purchase!
Know Your “Why”
Whether you’re downsizing to a smaller home, or vice versa, there are likely both special and financial reasons that you have for moving. Maybe a growing family needs more elbow room, or maybe empty nesters prefer fewer stairs. It’s important to keep in mind the benefits of your new home and how they will make you feel in the long term. Whether it’s a smaller space with financial benefits or a larger payment for a lot more room, knowing your “why” is the key to long-term happiness and to a positive home-buying experience.
Know Your Needs
Make a list of your goals, and needs versus wants, then revisit it often. This will help you both during and after your purchase. If you spend some time thinking about what you are realistically looking for in a home before ever stepping foot in a listing, you will be able to make the most out of the visits that you make. If a fenced yard is an absolute need, then it’s important to know in the beginning so that you only look at homes either with fences or within your budget to add one.
Stop Shopping
It’s typical to still be in the habit of looking at new homes that come on the market after you go under contract and even after you’ve moved into your new home. It can be tempting to keep checking out the new listings. Like most things in life though, once you’re completely committed it’s not the best idea to keep looking.
Keeping HomeSnap on your phone after you’ve purchased your new home, is like keeping Hinge after you’ve gone exclusive with a partner — it could end in a broken heart. If you stick with your commitment, you are still likely to think about what could’ve been (but realistically probably could not have been…) and if you break your commitment to go with something new, it will likely come at a cost. It’s best to know the reasons that you want the home when you make the offer and keep moving forward in a positive manner.
So, once you are past the home inspection process, the time for the nitpicking mindset is over. Try to refocus that voice in your head to take pride in your favorite parts of the home and put energy towards small things that can emphasize those parts.
Start Making Memories!
You likely have a ton of great memories of past homes, and, as much as you may love your new home, it can sometimes take a while to get that same fuzzy feeling about it. Think about it like a new friend — experiences will create a bond. Whether it’s entertaining friends and showing off the new place, or just cooking a private meal in your new kitchen, spending some time with your home will secure that special place in your heart for that place called “home”.
So, you know your why and you’ve stayed focused on your wants and needs. You may still feel a bit uneasy. Buying a home is a huge decision and it is normal to experience these feelings. You may even feel a pang of nostalgia for what might have been — especially if you are selling a home and it’s now show-ready and beautifully staged!
Just remember, it’s normal to get cold feet sometimes. Discuss your feelings with your Realtor, and if there are actual issues that need to be resolved, work towards a solution that you can be satisfied with. Buying a new home is exciting and a little bit scary, and the end result should be a home that you will love and enjoy living in for years to come.
To learn more about the home buying process, join the Peele Group for an informative 90-minute conversation with our team, a mortgage lender, and a home inspector, who will share some of their top tips. We will also review the Virginia contract, so you know what you are signing before the time comes.
Real Talk will be held this Saturday, February 11 from 12-1:30 p.m. at Northside 10 in Alexandria. Complete with complimentary brunch and raffle prizes with buyer discounts. Reservations required. For more info and to RSVP, reach out to me at [email protected].
Hope Peele is a licensed real estate agent with McEnearney Associates, Inc. in Alexandria, Virginia. She grew up in Old Town and currently lives in Del Ray. As a partner with The Peele Group, Hope is dedicated to guiding her clients successfully through the many-faceted process of buying or selling a home. Contact Hope at 703-244-6115.
If you would like a question answered in our weekly column or to set up an appointment with one of our Associates, please email: [email protected] or call 703.549.9292.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314. www.McEnearney.com Equal Housing Opportunity. #WeAreAlexandria