Buyer’s remorse is the term to describe when a buyer regrets purchasing a house after the fact, or walks away from a deal before it is finalized, and then regrets it later on. This actually happens very often in the current market. However, sellers remorse is an important topic, as they experience regret, too.
The general assumption is that sellers are happy when they find a buyer, as this is always the goal, and is why the internet is full of ways to find a buyer. However, some sellers change their minds about selling for reasons other than the current state of the market.
Some think that if homeowner is experiencing seller’s remorse, it is probably because he or she is really not motivated enough to sell, which is not always the case. Here are the top reasons homeowners decide to sell:
1. Their house was what they needed at the time, but is now too small for their growing family
2. To upgrade, as they want a more expensive, bigger home than they wanted or needed the first time around
3. To fix their original mistake of buying a home that wasn’t what they needed
4. They got a job offer in a different location
5. Have experienced a failed romantic relationship
6. The neighborhood has taken a turn for the worst
7. Their children have grown
8. They want to be closer to their family
9. They want to be further from their family
10. Are now retiring, and want something either smaller or in a different place
Some other reasons are:
Another reason a seller might sell is that they don’t want to have to deal with fixing things anymore, and so they’d rather just buy a brand new home. On the other hand, you have people that love to fix up homes. After the home is fixed up, they simply grow bored and no longer have interest in it anymore.
If you are a buyer, you should realize that not all contracts today force the seller to sell the house if he changes his mind. Though a listing agreement is binding, there are many loopholes a seller and his agent can take if they truly want out of the listing without any repercussions.
However, they likely will still have to pay a commission to the broker, for the amount that they would have gotten if the home had sold for that amount. Unfortunately, if a seller changes his mind, there isn’t much you can do about it, other than accept it and find a new house. It is always upsetting when this happens, but that is why you should always consider a few homes at one time rather than relying on one specific house. Tip: Check out this article on Buyer’s Top 5 Regrets.