Most of us are experiencing fast moving markets right now. We love it but we often forget how hard that is on buyers. It’s a big decision for them and they often have to make that decision very quickly in order to get the house they want. On top of that, they’re likely not negotiating on price in order to beat the other offers. Many areas are more like retail these days and that’s hard for a buyer to stomach. So, it’s no wonder they get buyer’s remorse sooner and more often.
Part of our job is to help them discern what is typical buyer’s remorse and what is truly a concern. When they start asking about terminating the contract we can’t just assume it’s ‘run of the mill’ buyer’s remorse. Ask questions. LISTEN to their answers. Offer suggestions and options. So often an agent might just say, “Whatever you want.” or “You have to decide now or you’ll lose the earnest money.” or “There isn’t another house. You’ve seen them all!” Please don’t be that agent. When you represent them, you are their advocate.
First of all, if you’ve prepared them for the inevitable remorse that comes right after the offer is accepted they will handle it better. Tell them it’s normal and to be expected. Let them know you are there to answer any questions. Remind them you are on their side.
When you get that call and they want to terminate because (an example) the HOA is too strict. Listen. Don’t say anything until they’ve vented their concerns. Then suggest they drive the neighborhood and look for outbuildings, fences (whatever they’re worried about) and see what the HOA is doing. If they like the look of the neighborhood they’ll want to be a part of it.
If they are pushing a deadline, discuss the practicality and cost of extending it. Offer options.
Sometimes their concerns/worries are issues they will have no matter which home they choose in any neighborhood. Point that out and ask if they are ready for homeownership.
Lastly, stay calm. Our clients reflect our behavior. If we are calm and reasonable they usually will be too. If we wig out and pressure them, they will push right back. Rightfully so.
Oh, one more thing. Summer is coming. When the weather heats up, everyone heats up with it. People just have a shorter fuse when it’s hot outside. Be aware of this and stay cool.
Good selling!
leighyork 