Buying a home is one of the biggest decisions a person makes in his or her lifetime. Sometimes the decisions are so enormous that it creates buyer’s dissonance, or remorse. Buyer’s dissonance is a somewhat commercial branch of cognitive dissonance. It is defined as an emotional condition whereby a person feels remorse or regret after a purchase.
Why do homebuyers experience cognitive dissonance?
– Dissonance most often occurs when the purchase choice is high risk. A home can cost a lot of money, which often requires a homebuyer to take out a loan. Separately, Those two choices are very serious.
– Home buyers ask a lot of questions for a reason. When they do not understand something, or their questions go unanswered, they feel less secure about their transaction. This may even lead them to reversing their decision.
– Feelings of stress and guilt are common when buying a new home. When buyers feel stressed, they are less likely to go through with the purchase. As human beings, we naturally avoid stressful situations. Homebuyers may also feel guilty about buying a new home. For example, people may feel that it is not a good time to make such a large purchase, especially if they have been affected by the current recession.
How can you decrease cognitive dissonance in homebuyers?
1. Know their wants and needs:
– You may be concerned with selling the house, but it is vital to understand and meet the needs and wants of your buyers. Home buyers will always want to maximize their choices; meaning, they want to feel they are getting the best for less. They will be more comfortable with a purchase that meets their standards.
2. Offer guidance and information:
– Buying a home is a big deal. Homebuyers often desire guidance to help them make the right decision. It is important to make them feel confident by keeping them informed and giving them any guidance they may need.
3. Give support and reassurance:
– There is always going to be some discomfort when a homebuyer is looking to purchase a new home. However, you can make the difference in whether they decided to stick with their decision or default. Agents have significant influence on their client’s choices. Let them know they made a good choice, and follow-up on how they feel about their purchase.
What do you think?