Let’s address a real estate cliché that effects buyers in the dead of winter and the heat of summer, the phenomenon of “cold feet.” Cold feet, briefly, is buyer’s remorse. It can creep up during the buying process. Maybe you felt a “pang” of hesitation when you signed the contract, and it turns into full-blown anxiety at the home inspection. Then, you start to wonder, “how can I get out of this?” These feelings are normal for a small percentage of buyers and in rare cases “cold feet” may result in a contract termination. Should you stick with the house or move on to the next one? Your feelings are valid, but are they realistic for a future purchase?
Here are 3 scenarios that chill your toes, let’s see how our professional advice “warms” them up:
I felt pressured to make a decision. Depending upon the property or the price point the real estate market may be fast-moving with multiple offers and you may need to compete and submit an offer right away. You may think that you made the decision to buy this property too quickly. When, in fact, you have been looking for a while and have made offers on other houses that have not been accepted. It can be a bit of a jolt when you find out that your offer has been accepted and signed. Realistically, this scenario will continue to play out over the next several months of your home search. Because we are active in this market, we know that you will be competing with multiple buyers for every property and the pace will continue to be frenzied. Once you are under contract you are now ready to focus on moving and settling into your new home rather than continuing your search.
This floor plan won’t work. You aren’t sure you made the right decision when you start picturing yourself in the home. Where do I put my sofa? Do I have enough kitchen storage? Making a floor plan work for your lifestyle definitely brings anxiety. All of our experience with floor plans and room layouts will help maximize the space for your lifestyle. Reach out and share your concerns. We have seen over a thousand houses with varied floor plans, let us help.
The inspector said the furnace may need to be replaced. Welcome to home ownership! It’s important to assess major items in a house to understand what you need to maintain or replace in the future. Heating/cooling systems and roofs often need repair, replacing, or maintenance that will run into the thousands of dollars. Of course, it is concerning that the inspector “called out” the furnace, however, the roof may be brand new. Since every house will have “some” item that is need of repair or replacement this scenario will continue to repeat itself. If you cancel due to the inspection on this property, the next one will have a different item that is of concern. We are the experts in inspection items, so, again, share your concerns.
Cold feet are normal - this is likely the largest purchase you will make in your lifetime, so it's okay to have a moment of pause. Don't keep your worries to yourself - as your Buyer's Agent, we will help you work through any concerns so that you do not lose out on what may become your dream home. If you've been thinking about a new home, get in touch, we'd love to help!