3 Last-Minute Real Estate Regrets
www.RickStrohm.com
Rick & Rick Strohm, Jr.
November 7, 2011
Hello all my blog followers! I apologize...well ok, not really...but I was on vacation this past month and that is why there was a lack of blog posts and podcasts. Lucky for you...I'm back!
Today we are going to dive right into a topic that many buyers have expressed to me and that is some last-minute real estate regrets. Home buying is a major commitment, as we all know, and there is a chance you (the buyer) will have some last-minute regrets. Many buyers, and sellers, will get "cold feet" after they have reached an acceptance/deal. This is perfectly normal. The fact that you're nervous over if you made the right decision happens to everyone! Here are some tips on how to avoid these regrets:
- Did I leave money on the table? Every buyer will think that they "could" have negotiated harder and gotten the property for less money. Likewise, every seller will think that they "could" have sold their property for more money. This is the "remorse" that I am referring to. Sometimes with in minutes of an offer being accepted, both parties will second guess the transaction. You can conquer real estate remorse by understanding that thinking about the transaction/acceptance after the deal is done is fantasy land! It does not exist. The transaction made sense at the time you made it and has resulted in a deal. You need to stop beating yourself up about the "done deal" and let it go. Be confident that you bought a home/land at the bottom of the real estate market and that you got a good deal...time to move on.
- Really...a 30-year mortgage commitment? This seems like an extremely long time, and it is. But think if it this way - God willing you will live for longer than 30 years and you need somewhere to live forever (knowing that this may or may not be your last move or purchase). Remember that you can pay off your mortgage in less than 30 years. Unless you have "free" housing, here are your options:
- You can rent a home and pay rent to a landlord
- You can buy a home with cash
- You can mortgage/finance to buy a home
- I went through all my cash! This real estate market is hard...and mortgage lenders are requiring buyers to put more of their own money down to purchase a home/land. Lenders are requiring larger down payments than a decade ago. Keep in mind that most down payments assistance programs that were offered to buyers in previous years are gone (state, local and employee-funded programs). Most buyers will spend a year or more of their savings in order to cover the down payment of their new home purchase. YES, you are going to have to spend more of your savings...but the timing has never been more perfect! Home prices are low and so are interest rates (this will not stay this way forever!!!). The time to BUY is NOW!
Contact me today if you have any questions or if I can assist you with finding a property here in the
Smoky Mountains of North Carolina! Email me at
rickstrohmjr@gmail.com.