Buyer’s remorse is real. We experience it all of the time in little ways. You cheat on your preferred brand of shampoo because of a sale and regret it the first time you use it. Bought a new shade of lipstick and your life didn’t change the way you thought it would? Participated in the latest diet fad, and only lost money? You live, you learn, you reboot – most of the time.

In real estate, buyer’s remorse isn’t that easy to wipe from your memory.

In real estate, buyer’s remorse can be a big thing. It’s understandable given that it’s the most expensive thing one tends to buy. I’ve met people suffering from buyer’s remorse this past year. They walk into my open house. I ask why they are visiting me and a common story emerges.

They bought during the market of 2021. The house they bought wasn’t quite their dream home. It isn’t where they wanted, or what they wanted. After multiple rounds of submitting offers and not being picked; the one they bought was the one that finally stuck the landing. Understanding that market is something hard to grasp unless you were an active participant. It was the best of times for a seller, it was the worst of times for a buyer. It was emotional for everyone involved.

As a REALTOR, I wear many hats

My open house signs might as well say open for therapy, because people are coming in to talk about the woulda, coulda, shoulda of it all.

It’s a new dawn and a new day. The market has completely changed. Not everyone can afford to make a shift. What you can afford to do today may weigh heavily on what you did 3 years ago or even before.

How much equity you have in your existing home matters for most people. If you only bought four years ago though, the equity carries even more weight because you bought at a historic peak.

Did you refinance and cash out during the historically low interest-rate offerings? If you cashed equity out when your home was historically worth the highest, you may be more equity-poor than you think.

I always lead with the show-me-the-money conversations when people want to do a sell, and buy scenario. The length of time you have spent in your home and what equity you put into it or pulled out of it are key data points in any market, but tend to weigh heavier if you have purchased your home in the last 5 years.

If you haven’t done anything to your home to boost its appreciation, you may not have enough. Austin’s home values have shifted compared to three to four years ago. Back in those days, prices were escalating by five to six digits, by buyers because any home for sale was like finding a needle in a haystack. Today, they are dropping by five or six digits. It’s hard to find a stable ground with so few sales to tell a solid story.

Buyer’s Remorse? Home buying tips

So what do you do if you have buyer’s remorse? Let’s unpack why you have it first. Are there attainable practical reasons, or is the alternative universe unrealistic for now? Then we’ll make sure the dollars make sense. The results may make you feel great about where you are and the remorse will disappear. If they feed the buyer’s bug a plan will begin to emerge.

If you feel stuck, keep your chin up. The market changes very slowly every day. Tomorrow’s market may be yours.