Tuesday, August 16, 2022 / by Amy Brown
Homebuyers often focus on numbers. What’s my credit score? Where are mortgage rates? How much house can I afford? How much down payment do I put up?
But emotions can be just as important, especially in an imbalanced market. Here are a few tactics and tricks to calm your mind and maintain your mental health:
- Understand just how crazy this market is. Even if you’ve bought a house before, this market is not like it was then. Review the market reports and statistics that your agent sends so that you can be aware of where the market is heading. It changes weekly.
- Be prepared. How do you ensure that when the right home comes along that you are the one who gets it? Be ready to see the house that day, not next week. If you are busy or are out of town, have your agent do a video tour for you. Also, it is imperative to have your preapproval or proof of funds letter to your agent ahead of time. It is a prerequisite for making an offer.
- Pace yourself. Frantically searching for listings will leave you no closer to landing a property. Finding an agent that is on top of their game, watching the listings for you, is the way to save your sanity.
- Find an agent to guide you through the process. Homebuyer, John Dempsey, says his first agent’s spotty communication soured the process for him. “A lack of information creates a void that is often filled by fear. A quiet conversation with a skilled agent” is crucial.
- Give yourself a time limit. Dan Ariely, a behavioral economist at Duke University and author of Predictably Irrational, suggests setting a deadline of three months, for instance. Within that time frame, choose the best property that fits your needs and lifestyle. If you constantly search, you will remain in the mindset of "what if something better comes along?". Be grateful and happy that you have the means to purchase a home today and stay off of the "grass is greener" hamster wheel.