It's a buyer's market. Doesn't that mean that buyers get what they want? Doesn't that mean that home sellers are making all the concessions, submitting to purchasers demands on everything from price breaks to whether or not the hall chandelier stays? Yes, buyers hold the cards these days.... But, call it a curse of human nature - having ample choice and negotiating power can sometimes be too much of a good thing leading to a tinges of regrets. Experts say "buyer's remorse" can happen in both a soft and boom markets. But it's a malady that can be avoided. Here, some tactics for buyers on how to purchase with confidence..... read more

It's a buyer's market.  Doesn't that mean that buyers get what they want?  Doesn't that mean that home sellers are making all the concessions, submitting to purchasers demands on everything from price breaks to whether or not the hall chandelier stays?
Yes, buyers hold the cards these days.... But, call it a curse of human nature - having ample choice and negotiating power can sometimes be too much of a good thi leading to a tinges of regrets.  Experts say "buyer's remorse" can happen in both a soft and boom markets.  But it's a malady that can be avoided.  Here, some tactics for buyers on how to purchase with confidence.

Narrow the Field

Have you ever felt overwhelmed at the supermarket, trying to select a laundry detergent or breakfast cereal amongst dozens of brands?  Currently, many housing markets have record or near-record numbers of homes for sale.  Having lots of choices generally is a plus.  But the danger is that buyers can be persuaded to consider properties that don't really match the specifications of what they really want in a home.

Consider the following scenario,  explains Washington University psycology professor Leonard Green.  You have always had your heart set on a colonial style home, and you're looking for one with at least three bedrooms.  You find two that fit your criteria, and you're carefully considering which one you like better.  Then, you see another home driving home from work - this one with five bedrooms at a bargain price.  You pounce on it, because you're getting so much more space at the same cost.  But you're setting yourself up for regret because it's not a colonial in any respect.

The best way to make choice work for you, and not against you, is to carefully consider what you really want, and eliminate properties that don't fit the criteria.

Understand Financing

The "toxic" mortgages that so many homeowners have regretted obtaining earlier this decade are largely gone from the marketplace.  Still, getting a mortgage and signing on for insurance, property taxes, and all the related expenses of ownership can be daunting.  "If you're asked to sign papers without really understanding all the terms and conditions, ask questions" advises Mary Martin, an associate professor at DePaul University College of Commerce.  There are no dumb questions and no reason to rush reading documents.

Ensure Affordability

Since the financial crisis, lending rules are much stricter.  You can't, for instance, get a loan without stating your income.  While they are stricter, lending rules are still designed to apply to every borrower.  Only you really know what's affordable for your specific situation.    A couple who doesn't know if they will both remain in their jobs should plan on making the loan affordable on just one salary.  Patience, as well as financial honesty, also is necessary to avoid buyer's remorse, believes Indianapolis financial planner Michael Kalscheur.  He's seen buyers who can't qualify to purchase their "dream home" stretch their resources to buy a place that's as close to their dream as possible.  Bad move.  Not only are you apt to be dissatisfied with what you have, but you don't have a dime to spare.  Better to purchase an affordable home and save for an eventual down payment for their dream home.

Consider It Home

Whatever you purchase - starter home or dream destination - experts all emphasize that you should think of your expenditure as a purchase of something you need - housing. Carefully research prices on comparable properties and choose a home that's right for you. 

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