Moving Ahead with Fear While Looking Back
June 1, 2009
Post Tags: buyers remorse , Fear of the Fututre , Tucson-Home-Buyers
Look Back on It All
These are difficult times for both buyers and sellers. Sellers are afraid they won’t be able to sell their home for what they owe on it. Buyers are still afraid they will pay too much for a home.
Buyers looking back while moving ahead with a attitude of fear. These are trying times. As has been said many times, bottom can only be called after it is over. There might be more foreclosures and short sales coming on the market, but there are buyers for them. Buyers who move ahead looking ahead, with the knowledge what is behind. They also know they are purchasing homes for an interest rate that is the lowest in modern history and for purchase prices not seen since 2004.
The buyers who are driven and consumed by fear today will look back on this time and know they had no valid reason to fear.
Today a buyer we have been working with canceled a contract out of fear. The home inspection was complete, the termite inspection complete with no evidence of termites, but fear knows as buyers remorse was too much. The contract was canceled. The buyers have decided to wait for 6 months to a year till the market is more stable. It will be more stable, but for now it is a sad story. Sad for the seller that had their home off the market for 2 weeks and possible missed out on a valid buyer. Sad for the buyer because now they will always wonder and question this decision not to buy at the lowest price and for the lowest interest rate. They invested time and money, for inspections, their time and travel to Tucson.
We invested a lot of our time in the process as well. It happens a lot these days.
It is unfortunate.
June 2nd, 2009 at 9:54 am
Dave,
Sad indeed, but human nature none the less. The same drivers that drive the stock market (fear and greed) drive the real estate market. If only buyers could get out of their boxes and see this time as a buying opportunity (which it is). Best quote regarding this phenomena is Warren Buffet, who says, “Be greedy when others are fearful, and fearful when others are greedy.” Reverse logic, maybe, but who is the richer for that philosophy??
Sarah Ley’s last blog post..$8,000 Tax Credit for Tucson Home buyer’s