Since 2002, I have had the pleasure of successfully navigating the often treacherous waters of real estate. The process of buying, and selling residential property is never the same twice. As such, hiring an experienced, diligent, and knowledgeable agent will be to your benefit as this agent will be able to prepare you in advance of dips, dives, twists, and turns while you ride the real estate emotional rollercoaster.
What is ‘The Real Estate Emotional Rollercoaster’?
It is one of the great experiential rides in life that no one can completely prepare you for, and yet it will show you who you are at your core. You probably did not think that a real estate transaction could do that! Hop on board and fasten your seatbelt as we take a ride through the eight stages of The Real Estate Emotional Rollercoaster (R.E.E.R.).
1. Waiting In the Lineup: The first part of the ride begins even before you take your seat aboard the R.E.E.R. If you are thinking about selling your home, however have not quite made your mind up yet, it is at this stage when you start considering your options. Do you stay a little longer? Where will you go next? What improvements should you make to max out your profit? If you are selling because of marriage or divorce, do you try to keep your home or say goodbye to it? Are you helping someone else to sell their home, for example perhaps your parents are now deceased or downsizing? Are you retiring and want to move south? These are all normal questions one will ask themselves at this stage. The reactions and responses to this stage will set the tone for the rest of the ride.
2. The Climb: Just as with a typical roller coaster ride, there is the initial climb in the R.E.E.R. This period of time is filled with excitement, anticipation, stress, worry, and mental preparation for what is to come. This is when you are busy purging, and cleaning your home, talking with your mortgage lender, and possibly your accountant in order to confirm financial information, in addition to many other details. While you have some idea as to what you might go through in a real estate transaction, unless you are an experienced investor who fully understands the ins & outs, your Realtor® will be your guide, and will prepare you in advance for what is to come.
3. Dips & Dives: After the climb comes the inevitable first dive. In the realm of selling a home, this is the time when reality truly sets in. Your home is for sale on the market, and your life is open to the public. In a typical balanced market it can take an average of 60 – 120 days to sell a home. This is 120 days of keeping your home spotless for viewings, of being inconvenienced, of putting your life on hold, and being inconvenienced due to sporadic viewing times. With each few days rolling into a new week you begin to wonder why your home has not sold. All of this can lead to stress, frustration, and emotional outbursts that you typically have under control under normal circumstances.
4. The Loop: Loops can happen in singles or in a series. These are moments when emotions, and stress are at all time highs, and you begin to feel out of control. It is during this time that you are most likely to become argumentative with the people whom you are closest with in your life, you will experience yourself going through an array of atypical behaviours such as spontaneous sadness, the need to suddenly control all aspects of your life, the need for privacy, the need to party, perhaps the need for more hugs and bonding. This time is different for each person involved. These loops typically occur when either a potential buyer writes a contract to purchase your home which spurs a series of emotional twists, and turns or the loops can also happen when your home has been sitting on the market for sometime and no acceptable offer has been received, thereby increasing stress and anxiety. The best remedies for the loop(s) are to have patience, understanding, practice deep relaxation and meditation, laugh, take deep breaths, exercise, utilize good communication, ask any and all questions that you may have, seek counselling if your reasons for buying or selling of a home are due to circumstances outside of your control, and always lean on your experienced realtor. WWW.METROLIVINGZINE.COM NEWS IMAGE CREDIT: http://bit.ly/1VdGzAU
5. Twists & Turns: There are moments in every real estate transaction when something minor unexpectedly occurs. For example: you spend an afternoon cleaning your home in preparation for a viewing, and the potential buyer cancels the viewing at the last moment; or the offer you received is for less than what you had thought it ought to be. Perhaps items for repair were found during the property inspection that you did not expect; or if you are purchasing perhaps there are minor issues with your credit that you did not expect. Twists and turns are fairly manageable especially if your realtor has prepared you for as many of them as possible. An experienced agent knows when to expect a twist and turn.
6. One Final Thrill:As with all roller coasters, just prior to the end of the ride there is always one last thrill. Just when you thought you were through…WHAM! While there are varying degrees to the excitement level of this final event, one can usually mentally prepare for it, as there likely have been clues along the way that it could/would possibly happen. Again, having an experienced, and diligent realtor is key to preparing for, or diffusing the final thrill.
7. Coasting: At long last you are on the other side of the R.E.E.R’s track and it is relatively smooth sailing from here on. It is at this point when your transaction (buying and/or selling of real estate) has been completed. The property has transferred, and you have moved into your new home (or out of your home). This is typically the time when a noticeable decrease in stress begins, and emotions of excitement, and grounding combine with a sense of moving forward. Life now regains a sense of normalcy, while a sense of elation still fills your soul.
8. Getting off of the Ride: One would think that the ride ends at the same time that the transaction completes, however this is not the case. Getting off of the ride does not occur until approximately one month after a transaction is completed. In the same way that one would unbuckle from a rollercoaster car, exit the ride, its surrounding structures, and regain a sense of balance, the same is true once one exits the Real Estate Emotional Rollercoaster, and regains balance in ones life.
Did you see yourself in any of these stages? Ultimately, the intensity of any of these stages will depend entirely on how well your realtor has prepared you, in addition to how well you deal with stress and varying emotions. The next time you buy or sell a property you will now be aware, and prepared for the realities of the existence of the Real Estate Emotional Rollercoaster.
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