To a large extent, emotional triggers determine what we do in our lives. These triggers can propel us forward or pull us back down, depending on the circumstance, environment, and our own personalities. This rule applies to real estate, as well. You need to understand your emotional triggers when you negotiate a deal or when you make an offer. Oftentimes, we do not even know what these emotional triggers are; this is when we can make the biggest mistakes. Below are three important things that you need to know about emotional triggers in real estate.
Emotional Trigger #1: Stop Dreaming
Have you ever bought a house? If so, how did you make this decision? Many buyers feel an immediate connection with a house when they imagine themselves living in it. Indeed, such dreams cause buyers to pay more than what the house is worth, simply because the buyers have already mentally started living in this house. If this is going to make you pay more than the property is worth, then you need to stop dreaming. If you are willing to walk away, you will be able to negotiate. Otherwise, you will just end up accepting whatever the seller says; then, this can end up being one of your bad financial decisions.
Emotional Trigger #2: Lack of Knowledge
When you are clueless about something, it sends a wave of fear down your throat. Anything and everything feels like the unknown; this can impede the way that you negotiate or the way that you make decisions. A better option is to spend time and energy to familiarize yourself with the real estate market and how it works. Thus, you will feel confident, and this lack of knowledge will no longer cause an emotional trigger.
Emotional Trigger #3: First Impression
Buyers sometimes decide on a first impression. Oftentimes, there are no second chances. For example, if you walk in and see a dirty spot, you might immediately decide not to buy the house. However, be open and walk through the entire house before you decide.