A major investment decision cannot be based solely on emotions. Consider, and avoid, these emotional home buying strategies:
- “Buy Now or Lose Out” – A market that is heating up, alone, is not a solid reason to buy a house. Don’t feel pressured to buy for this reason, and don’t always assume that a hot market will continue to heat up.
- “Emotional Anchoring” – If there is no evidence that a home will continue to rise in value, don’t feel anchored to this anticipation. Don’t attach yourself to an offering price, if in reality the buyer and seller are pretty close to closing the deal.
- “Forget the Foundation” – Some buyers will emotionally attach to a certain decor feature in a home, but forget more pressing issues like a cracked foundation. Don’t be fooled into buying what you think is your “dream home.”
- “Lost in the Clutter” – Other buyers will fail to see the potential of a home because it shows as cluttered. Look past this clutter to find what could be a diamond in the rough.