Many people hope that buying a home will be an exciting venture that ends with a feeling of pride and happiness. However, with more buyers than available homes for sale, today's real estate market is highly competitive. Many homebuyers feel rushed or pressured to decide and to put an offer on a house that doesn't check off every item on their must-have list. The result? Buyer's remorse. 

With nearly 1 in 4 homebuyers wishing they would have purchased a different home, buyer's remorse is relatively common. While it may seem like a good idea to relist the house immediately and move, today's market makes it challenging to find a home, plus sale prices were 13.2% higher in March 2021 than in March 2020. 

What is homebuyer's remorse?

Homebuyer's remorse is regretting purchasing a home. Remorse can be triggered by factors such as overpaying, feeling unhappy with the home's location, or being overwhelmed by the initial maintenance and repairs. 

Overcome homebuyer's remorse 

Due to the current market, 21% of homeowners with children plan to stay where they are even if they have remorse. Whether you made a rush decision due to limited inventory, to live in a specific school district or to be close to work, there are ways to overcome buyer's remorse and make your new house feel like the home you always dreamed of. 

Stop looking at other properties

Once you buy a home, it is in your best interests to stop looking at newly available inventory online and while driving. Constantly looking at other houses will fuel your fear of missing out on something better and prevent you from appreciating what you did buy.  

Take a step back and breathe

You likely picked the house because it did meet your needs. Sometimes buyers need to take a step back from the overwhelming process, reconnect with their goal and breathe deeply. In March 2021, the median price of a single-family home was $334,500. Trusting your judgment on a significant investment like this, especially if this is your first home purchase, is challenging. To help relieve anxiety, remember that you did your due diligence and research. 

Start decorating

A house will never feel like a home if it doesn't look like you intended. Hang pictures, place rugs and pillows, and find space for all of your things. You are more likely to accept the property when you see yourself and your family in all the rooms' nooks and crannies. 

Create two lists

If you don't have a list citing the reasons you bought the house, make one now. What stood out to you during the showing? Why were you drawn to the property? What features do you like? Every time you start to doubt the purchase, look at the list to remember why you decided to buy. The second list should consist of the things you want to change or update. Once you have a list of projects, prioritize them to determine which are most important to help you accept the home. 

Determine what you can do

Decide what projects you can tackle and which need a professional contractor or service provider. Even though HGTV makes tackling home projects look fun, more than one-third of home projects involve a professional. And for most homeowners, projects are more likely to be completed if a professional is hired.

Invest in the property

Depending on the complexity of your project list, you may need significant savings or funding to cover some of the project expenses. Just be aware of how any additional debt could affect your existing budget. It’s often recommended to do your home and play around with online tools, to see if a project is even possible before getting your hopes up too high. 

Stop the negative thinking

The more you dwell on the purchase and think negatively about the house, the more that buyer's remorse will plague your decision. Let go of the negative thoughts and replace them with the things you enjoy and appreciate about the property. 

Create memories

Don't forget to have fun and make new memories in your house. The more memories tied to the property, the better you can feel about your purchase. 

In today's housing market, it isn't easy to sell and buy on the same timeline. If you've recently purchased a home and feel regret or remorse, try these techniques to overcome it.