Combatting Buyer's Remorse
So you did your research, you looked at the available homes on the market, you investigated neighborhoods and school districts, you made an offer, negotiated, and—voila!—you’re a homeowner! This should be one of the happiest days of your life…so why do you feel like driving off to anywhere BUT your new home?
Well, it’s called buyer’s remorse, and it’s as universal as the common cold. So take a deep breath, do a few yoga poses and relax. It’s going to be okay. Everyone goes through it. Statistics are on your side: The majority of first-time buyers and repeat buyers say they like their new home better than their previous residence.
And anyway, you legally have three days to change your mind and cancel the contract. Right?
Not exactly! In California, generally, a buyer can only cancel for failure to qualify for mortgage financing after a diligent and good-faith effort, or based on the reasonable disapproval of some aspect of the home after inspections and during contingency periods. That's why it's also important to use an experienced agent to help and guide you through the process.
The best way to prevent (or at least mitigate) buyer’s remorse is to prepare yourself in advance, long before you ever sign on the dotted line. Write out the pros and cons. Do your homework. Then relax and enjoy your new home.