No one wants to regret a home purchase! However, during the process of buying a home, there are many opportunities for you to run into obstacles that could lead you to buyer's remorse. Here are 7 common stumbling blocks buyers encounter:
1. INADEQUATE PLANNING
Before writing your first offer, clarify your priorities, strengths, and weaknesses—AND the seller’s. A true negotiating strategy is about much more than price. Think beyond step one, anticipating possible responses and counter offers. With careful forethought and a little creativity, you’ll feel much more confident about your negotiating plan and improve your odds of success.
2. GETTING EMOTIONAL
Stick to the facts and remain as objective as possible. Feelings of personal insult or anger don’t contribute anything of value to a negotiation. (In fact, it’s more likely to cloud your ability to think clearly.) If a seller rejects some aspects of your offer, try to calmly and rationally understand their perspectives. Remember, the seller is not the enemy!
Sometimes the negotiating process takes time to unfold. Stay relaxed and focused on your purchasing objectives. You may need to be flexible and open to alternative ways to reach them.
While patience is a virtue, don’t let fear paralyze your ability to make decisions. If you find a house that’s a good fit, don’t be afraid to submit an offer. Too often, buyers delay action and the house goes under contract with someone else. (Buyers rarely make this mistake twice.)
5. BLIND SPOTS
Your objective is to own a home. Don’t lose sight of that goal by putting too much emphasis on smaller obstacles and distractions that may present themselves during the negotiation process. Stay focused on the big picture.
6. LACK OF KNOWLEDGE
Learn as much as you can from your Realtor about current market conditions and the home buying process. Knowledge is power, which can be used to your advantage in shaping your negotiating strategy.
Negotiations are ultimately about two parties reaching a win-win agreement. Don’t be completely unwilling to compromise. Instead, focus on joint problem solving. Again, the seller is not the enemy and we must work together to complete the sale.
Want to learn more about buying a home? Fill out the form below to schedule a free phone consultation. I look forward to hearing from you!