I’ve seen it time and time again …the incredible emotional roller coster of purchasing a home.
People come in and sit down in my office to discuss Mortgage financing – perfect.
Their initial intention is to simply find out how much they can afford to purchase. Love it.
I think being pre-approved for a Mortgage helps you in 3 ways:
1. Save time in your home search.
2. Make a strong offer to purchase so you save money.
3. Remove stress from wondering what you can afford.
[click here to find out how much you can afford (step 1 of 2)]
Having helped many first time home buyers, I hear them say some version of “we’re only looking now“. Or, “we’re just waiting to see what the market does.” And this is most likely true for them when they say it.
However, the reality can be much different for home buyer.
Why?
Because when I look at places, I know I can afford, my thoughts begin to emotionally connect me to living in that space. And when I am emotionally connected to something, I think I am less rational about my decision(s).
Marketers know this to be true which is why EMOTION is involved in home sales.
Case and point is home staging.
I think the point of staging a home for sale is to create an emotional connection to that living space. When I see myself getting ready for work in the morning, BBQing in the back yard on Saturday afternoons, playing with my kids in the living room etc my desire for that home begins to increase.
For me, when I am emotional about purchasing something – anything – I have a tendency for logic to fly out the window.
A pair of shoes, a new jacket or another relatively small ticket item, not so bad.
But spending hundreds of thousands of dollars purchasing a new home on an emotional whim, may be a little stiff on the the post purchase anxiety.
Now the question begs …
How To REMOVE Emotion From Your Home Buying Experience:
1. Have a plan, and stick to it.
I think many people create a plan when they are calm, rational and thoughtful. I like to ask questions to facilitate this planning process with my clients by asking them simple questions. I lead my prospect’s through this process, where they may not even recognize they are creating a plan.
If I am committed to my plan, I am less likely to divert from it when I become emotional.
2. Recognize your emotions.
When I am grounded in reality of a home purchasing plan, I think that provides me a baseline of features and benefits of homes I like, in a price range I can afford. When I begin to feel the pull of emotions inside of me wanting to purchase a home, outside of my budget (for example) I am more able to consciously be aware of my emotional state.
Today, I am starting to ride my bike to my office and back. I am really excited about biking and am looking at used bikes on Kijiji.ca/calgary. I see several candidates for new bikes, with the nicer ones at the top end of pricing. Naturally, I want those bikes.
Thankfully, I am recognizing my emotional pull to these nice (read: expensive) bikes and have resisted purchasing one yet. I am remaining in and honoring my budget.
3. Look at the space, not the stuff.
This relates to the idea of staging homes for sale. Instead of getting caught up in “oh, that couch looks great” or “I really like that bench in that nook” or “this paint color looks great with those blinds“. Try focusing more on the space and surroundings of the home. What is the square footage? What is the lot size. What amenities are close? Is transit a viable option for travel?
For me, these types of items carry more significance, than fillings of a home.
4. Understand supply and demand.
I think THE BIGGEST determinate to increased emotional connection to a home is supply and demand. If there are very little options on the market, and a lot of buyer competition for the same amount of homes, I think I can be pulled into an emotional purchase bid.
This is why multiple showings are booked at the same time. Home sellers LOVE bidding wars on their properties because they are pitting buyers against each other in an emotional state of mind, where the winner gets the spoils.
Is that 100% correct though?
What if you had a plan that you stuck to, that helped you remove emotion from your purchasing process (as best you can or are wiling to)? In a “bidding war” that may save you from over paying for a home you’re left repaying with interest.
Do You Have A Purchase Plan?
If you are thinking about purchasing a home in the next 6-12 months, are working, have savings for a down payment and have not been recently bankrupt – I recommend we create a purchasing plan for you.
This involves you becoming clear on the following:
- Your credit bureau/score.
- Saving for your down payment (how to avoid lender insurance premiums).
- What income is used for Mortgage qualifying.
- How much you can afford to purchase.
- Understanding the market today and tracking relevant home prices.
Begin your purchase – free of charge – with 100% risk free and 100% no obligation, right now.
===>> Click here to connect with me <<===
Thank you for reading,
Chad Moore
P.S
Who else is burnt from that epically nice weekend?
Signed: my burnt forehead and shoulders :-)
