What is Buyers Remorse?

"I've really screwed up this time -- I've made a huge mistake!"

This might be your attitude towards your new home even though there is nothing wrong with it. You haven't made a mistake, rather you're suffering from a condition called buyer's remorse.

Buyers remorse is a psychological condition that occurs once you realize that the home will be yours. This feeling is likely to occur sometime between the home inspection process and closing as you begin to realize that the contract you have signed with the seller is binding. Buyers also experience remorse after actually moving into the house. This is a perfectly normal reaction: after all, you've been chasing after this house for days, weeks, months, or even years. Now, all of the sudden, you have it and are wondering whether or not you did the right thing.

Another common cause of buyer's remorse comes from talking to family members and friends, who may mean well, but aren't as excited about the purchase as you. As the home buying process drags out, you'll be more and more likely to fall into a pit of despair over your new purchase as those around you talk about everything that can go wrong when making a home purchase.

Remain steadfast during your home purchase and don't let your fear derail you. Be conservative and go with a fixed rate mortgage and buy a house within your means. Don't worry so much about losing your job or running into financial difficulties -- you can always sell the house in the worse-case scenario. Furthermore, you'll always regret passing up your dream home just because you got cold feet.