Mistake _12. Not Being Able to Make a Decision

When you’re searching for the right house, you should take your time and look at as many homes as you need to in order to get a good feel for the market. Once you’ve narrowed down your choices and decided on your dream home, then it’s time to move swiftly. Many first-time homebuyers lose a house or two they like before they realize that they have to move quickly. Indecision can cost them the home of their dreams.
Todd and Alex found this out when they were looking for their first home. After going through more than two dozen houses and not seeing anything that they liked, they were getting a little discouraged when their realtor called about a home that had just come on the market. When Todd and Alex drove by, it was the home they were looking for, an updated two-bedroom cottage with newly painted yellow siding, full basement, and a detached double car garage. It had been on the market less than a day. Their agent wanted them to put together an offer immediately, because he didn’t think it would be on the market long.
But, as much as they wanted the home, Todd and Alex hesitated. They were scared to make a commitment and wanted to wait until the weekend when their parents could go through it. Unfortunately for them, the weekend walk-through never happened. Another couple also loved the home, made an offer, and the ‘‘for sale’’ sign got a bright red diagonal ‘‘sold’’ sticker.
If you like the home, chances are other buyers will also. It’s not uncommon for a home to sit on the market for weeks with no action, and then suddenly two or three offers come in at the same time. Fear of making a mistake is usually the culprit. The best way to work through this is to talk it over with your broker, lender, or someone who has bought a house before. Once you get it out in the open, it becomes easier to deal with.
Buyer’s remorse is the industry term for this fear, and it applies to not only buying a house but also a new car, appliance, engagement ring, or whatever. Most homebuyers get it somewhere along the way. Knowing that’s it out there lurking and will probably strike when you least expect it should make it easier to deal with when it grabs you.