How will you know if you are making a decision in buying a house out of emotion? According to experienced real estate agents, the most common mistakes homebuyers make are emotion-driven mistakes. They let feelings override good judgment and wind up overpaying for a “dream home.” Buying a home is probably the largest financial transaction of your life, so reason and sound judgment should play a much greater role than emotion (though some emotional involvement is unavoidable. To help you out, then, here are a few tips on how to avoid buying a house out of emotion in Greater Cincinnati.
Don’t Keep Looking for that Elusive Better Deal
If it has been a buyer’s market for a while, many buyers can easily fall into the trap of thinking there’s always a better deal out there, around the corner, on the other side of town, or somewhere else. Pursuing that elusive better deal is one of the causes of buying a house out of emotion in Greater Cincinnati – or, rather, not buying at all.
Yes, home prices may drop, and mortgage rates may go down in a buyer’s market. But you never know. Emotional attachment to and pursuing the better deal may cause you to wind up paying more when you finally do decide to buy.
In the Cincinnati market, it’s been a seller’s market for the past 3-4 years. And, it’s never been a hotter seller’s market than right now. Homes are going for over ask price routinely, and the average days on market is only 4 days! If you are looking for a deal in this market, you’re going to be looking for quite a long time.
Don’t Overpay for the Perfect Home
The other side of that buying a house out of emotion in Greater Cincinnati coin is overpaying for what you consider your “dream home” or the “perfect home.” The reality is that there is no perfect home – they all have flaws and drawbacks.
Sometimes, though, a buyer finds what she thinks is the perfect home (and in some cases, it may very well be) and is then willing to overpay and overextend herself financially. Reason should step in here and tell the buyer that her perfect home probably isn’t the perfect home for other buyers and that she can probably purchase it without overpaying. The value of the total investment should be weighed against the value over time for the enjoyment of the home.
Don’t Fall in Love at First Sight
Yes, love at first sight still happens, but it has no place in real estate deals. For those guilty of it will be buying a house out of emotion in Greater Cincinnati. To head off such a situation, some real estate pros advise looking at no fewer than five houses before making a decision and signing a contract. Falling in love with the first or second house viewed may result in buyer’s remorse, along with overpaying and being unable to sell the home for the needed price a few years down the road. So be sure to take emotion out of the equation, don’t fall in love with the first house, and do the necessary due diligence.
Don’t Lowball and Make Unrealistic Demands
A final aspect of buying a house out of emotion in Greater Cincinnati involves being overly attached to the process of getting a good deal. Some buyers are simply in love with negotiating, making demands, and trying to see how many concessions they can get. And in most cases this is counterproductive. Again, this can work in a buyer’s market – but right now, the sellers have all of the negotiating power.
Yes, we all want to get the best deal we can, but lowballing can alienate the seller and ruin your chances of buying the house you really want. Generally, this all stems from having unrealistic expectations, with emotion overruling reason and reality.
With these tips in mind, you can avoid buying a house out of emotion in [market_city. But if you’re still wondering whether an emotion is weighing too heavily in your home purchase considerations, we can help.
I’m Eric. I grew up in Northern Kentucky (Florence) and am proud to call it my home. I love serving people and my community! If you need help buying your dream home, give me a call!
Team Sztanyo is a Greater Cincinnati real estate team whose mission is to help families find their way home.
We are a trusted guide who cares, serving our clients with competence and professionalism through the home buying experience
People are most often left with this decision if they need to relocate for a job opportunity. Whatever the reason may be, they are left with a tough choice on what to do with their current home, with some big financial and emotional ramifications. We believe in honesty, respect and servanthood. And when you work with Team Sztanyo for your real estate needs, you know you will have an expert who will serve your needs and be a strong negotiator on your behalf.
Real estate can be stressful, but we aim to put your mind at ease. Let us worry about the details.
Team Sztanyo – Helping Families Find Their Way Home
Emotions can get in the way when you are trying to choose the right house to buy. Potential buyers would often get emotionally attached to the property without the proper way of inspection to know if the house has all in place and won’t have issues along the road.
If you have questions like: Why is buying a house so emotional? How can I avoid being discouraged when buying a house? How do I stop being emotionally attached to my house?
How do you deal with anxiety after buying a house? Then reach out to us! When you call our hotline, you’ll be connected with real estate experts who will listen to the specifics of your situation before making recommendations and answering any questions you have.