Even in the best of times, buying or selling a home is an emotional rollercoaster. The highs and lows of the real estate industry can easily take their toll, especially if you’re unprepared for the realities of the market.
Fortunately, it is possible to withstand the stress of the market if you take the right approach. Whether you’re a buyer or a seller, understanding and preparing for the emotional ups and downs of the process will help you keep your cool.
The Ups and Downs of Buying or Selling a Home
For buyers and sellers alike, the real estate market brings frequent ups and downs. The following are just a few sources of emotional turmoil you can face when buying or selling a home:
Financial Stress
Financial pressure can be especially difficult for buyers because there are so many costs associated with purchasing a house. You may worry about saving enough for your down payment and closing costs, or you may face unexpected home repairs that eat away at your budget.
The finances of selling a house can be difficult to manage, too. You need to price your home high enough that you get enough profits for your next venture but not so high that it turns buyers away. You’ve been investing in your house for years, and now is the time when you’ll finally see the return.
Decision Fatigue
Decision fatigue is one of the biggest contributors to the emotional rollercoaster of real estate. As a buyer, the decision to make an offer on a home can be life-changing. You want to be sure you’re choosing the right house in the right neighborhood, but you also don’t want a good opportunity to pass you by.
As a seller, you face a number of important choices throughout the process. You and your agent will decide on an asking price and a listing date, and you’ll have to decide whether to accept or reject an offer. Many sellers struggle with deciding whether they should accept the first offer they receive or hold out for something better.
Hopes and Disappointments
The real estate market can be equally exciting and disappointing. You might make an offer on your dream home and start imagining your life there only to get a rejection letter a few days later. As a seller, you may be thrilled to have a big turnout at your open house, but then you don’t receive any offers.
It’s impossible not to get your hopes up when you see positive signs. Unfortunately, things don’t always go according to plan in real estate. When plans fall through, it can be completely devastating.
Facing the Unknown
Buying or selling a home can be a major source of stress simply because you’re navigating the unknown. As you prepare to move, you face enormous changes that can affect practically every area of your life. It’s scary not to know what your life will look like in a year, so many buyers and sellers feel a sense of unease.
Tips for Managing the Emotional Rollercoaster
Real estate will always be a rollercoaster, but there are plenty of strategies that will help you keep your emotions in check. Here are seven tips for maintaining your mental health when buying or selling a home:
1. Educate Yourself
Knowing what to expect during every step of the home buying or selling process will give you a better sense of control over the situation. While unexpected challenges can still arise, you’ll face fewer unknowns when you’re fully educated on the process.
If possible, start keeping an eye on the real estate market in your area a few months before you plan to buy or sell your house. Understanding the state of the market in your area can help you set realistic expectations for your own experience.
2. Lean on Professionals
Your experience in the real estate market is personal, but your agent’s experience is not. When the stress of the process starts to weigh on you, lean on your agent. They’re not personally involved in the transaction, so they can offer objective advice. Your financial advisor, lawyer, and other professionals in your corner can be a great source of guidance, too.
3. Set Boundaries
If you’re in the market as a buyer, setting boundaries and limits for yourself during the search can help reduce your anxiety. Establish a budget for your home search, and do not look at any homes outside of your budget. Even when looking at listings online, stay away from properties that don’t fit in your price bracket.
Try to limit how often you scroll through listings, too. Buyers sometimes find themselves checking for new listings every hour of the day. Checking once per day is usually plenty, and getting too obsessive with the search will only fuel your stress.
4. Expect the Unexpected
Nobody’s home buying or selling journey goes exactly according to plan. Something is bound to happen that will delay the sale, raise or lower the listing price, or create some other obstacle before closing day.
Accepting that there will be bumps in the road will make the unexpected feel less scary. Try to remain flexible and open-minded, and always consult your trusted experts for guidance when your plans go awry.
5. Find Other Sources of Consistency
Buying or selling a house can be a chaotic experience. You’re attending or preparing for showings on a moment’s notice, and you never know when the right opportunity will come your way.
To balance out the chaos and spontaneity of the real estate market, try to find consistency in other areas of your life. Create a relaxing morning or evening routine, and try to follow a regular schedule for sleeping, eating, and exercising. These acts of self-care can make a big difference in your stress and anxiety levels.
6. Let Your Friends and Family Help
You may feel like you have to manage the entire buying or selling process on your own, but accepting support from your community can be incredibly helpful. If your friend offers to help you pack for your move, let them. If a family member can watch your pets during an open house, accept the offer.
Staying connected with your loved ones is more important than ever when navigating such a big life transition. Ask for help when you need it, and be open to any type of support your friends or family can offer.
7. Take a Break
If the real estate market is taking a severe toll on your mental health, it’s okay to take a break. Pausing the process even for a week or two can provide you with a much-needed break to relax and recharge.
Managing the emotional rollercoaster of the real estate market is no easy feat, but taking the right approach will help you keep your stress levels in check. Rely on trusted professionals for guidance, learn to expect the unexpected, and continue to take care of yourself in the midst of the chaos. Before you know it, you’ll be peacefully settling into your new home.
