Coping with Emotions During the Homebuying Process
Our homes are our safe havens. They provide warmth, comfort, and security, and they’re places in which we make lasting memories. Because of the many emotions tied up in a home, purchasing one is a huge investment, not only financially, but mentally. Here are some tips for navigating the array of home buyer feelings.
Understand today’s market
Homebuying has always been an emotional process even in a neutral market where there is a good balance of available properties and buyers. But REALTOR® Laura Guild with Team Build, Keller Williams Realty says today’s market presents a unique set of challenges.
“We have a shortage of homes available, and this is causing buyers to lose out on not just one house, but sometimes two, three, or even more! This becomes an emotional roller coaster, as they fall in love with a home, prepare an offer, and then later discover their offer wasn't chosen,” she said.
To help prepare for what’s in store, Guild says buyers should consult a professional, local REALTOR® before they start the house hunt.
“When I meet with a buyer, I go over the ins and outs of the current market and how we can best position ourselves in today’s environment. I also share the experiences of other buyers to really emphasize that they aren’t alone in this journey,” she said.
Don’t take rejection personally
As mentioned, in this market it is very likely that you will miss out on a few homes before you finally get an accepted offer. That can be a tough pill to swallow but try not to take it personally. While this can be an emotional process for sellers, too, it is also a business decision.
If you do go all in and lose out, it’s okay to mourn. But make sure you get back out there. If you stay fixated on the home you lost, you may miss out on another great property.
“This process isn’t for the faint of heart, but if buyers keep their eyes on the prize, it is well worth it in the end,” said Guild. “You may not get the first house you find, and that’s okay. Nine times out of 10, the house you finally do get will be a much better fit.”
Focus on needs instead of wants
Before you start the home search, it’s important to identify your “must haves.” But in a competitive market, you must also be flexible with your expectations. Maybe you would love a finished basement and an updated kitchen. But if you find a home in your must-have neighborhood without these features, you may need to compromise and consider taking on some improvements down the road.
In this market, it’s important to be open minded. If you go into the search looking for the perfect house, you’ll likely be disappointed and never satisfied with the inventory.
Don’t be afraid to walk away
You’ll tour several homes during the house hunt, and you’ll probably fall in love with at least a few of them. If you’re convinced that a particular house is “the one,” you may become so emotionally attached that you stretch your budget in order to “win,” and that can come back to bite you down the road.
Try not to become so emotionally tied to a home that you disregard your budget and end up house poor. The process can get contentious, and the last thing you want is to end up with buyer’s remorse.
To help set your budget, meet with a local lender ahead of time to crunch the numbers, talk through loan options, and secure a pre-approval.
Trust your REALTOR®
Your agent is there to help you remain level-headed during this process. Let them guide you, listen to their advice, and lean on them when things get stressful. After all, this is what they do for a living.
“I tell my buyers they can call me anytime and let me know how they’re feeling,” said Guild. “I let my buyers steer the wheel, but it’s my job to prepare them for what’s down the road. As long as we keep moving forward, knowing there may be twists and turns along the way, everything will work out in the end. It really is an exhilarating ride, and homeownership is an amazing prize!”
For a list of REALTOR® who can help you navigate the home buying journey, visit the Greater Lansing Association of REALTORS® website at www.lansing-realestate.com.