I had the classic phone call last week “have I paid too much?”.
This was from the successful Buyer in a multiple offer scenario. To be successful he had to pay more than the other Buyers.
Classically defined, Buyer’s remorse is an example of what psychologists call cognitive dissonance. Buyer’s remorse stems from a fear of making the wrong choice and from feelings of guilt about being extravagant.
Before the buying process starts, a prospective Buyer will feel positive emotions towards their future purchase, including desire, a sense of heightened possibility, and an anticipation of the enjoyment that will accompany the use of the home. Having made their purchase, however, they are more likely to experience negative aspects, worrying that other people may later question their purchase, or claim to know better alternatives.
To be a successful Buyer in this market and confidently transact a sale – second guessing yourself just doesn’t work.
To help you feel better and to avoid post purchase blues consider this;
- Most established houses are still being bought below replacement cost
- It is likely we are still ‘mid-cycle’ with investors only just coming back to the table
- Projected future inflation is a Buyer’s best friend! It decreases the real value of your mortgage over time and house prices historically rise with inflation
- The build time for new homes in Western Australia is often 18 months or more!
- When rates rise the interest in WA from East Coast Buyers increases as they start to look for value, and Perth’s high wages and low median house prices are great value!
- If you don’t buy, you are paying rent. Dead money.
- Buying your own home is a Capital Gains Tax free investment.
- In many Perth suburbs you are still not paying historically high prices.
- You won. It’s your house. Problem solved. Get on with more important things in life!
Register through our Buyer Match Service and avoid missing out.
Derek Baston.
