Coaching 1st-Time Buyers
Everyone knows what Buyer’s remorse is: the feeling you get, after you’ve bought something, that you just made a horrible mistake.
So, what is non-Buyer’s remorse?
The feeling you get when you find out that the house you were furiously deliberating about buying, instead sold to someone else.
I counsel first-time Buyers weighing a purchase decision to imagine how they’d take such news.
If they think their reaction would be indifference (or similar) . . . it’s not the right house.
(I suppose the appropriate name for that sentiment would be “non-Buyer’s non-remorse”).
P.S.: Buyers should trust their gut on this one only if they already have done their homework and know the market.
And, this test doesn’t apply to investors.
P.P.S.: It’s been awhile, but my advice to Buyers in multiple offers is similar: ‘the right price to offer is the price you can live with if you get the house . . . . and the price you can live with if you don’t.’
