Buyer Dissonance

Buyer Dissonance: Did You Make the Right Choice?

Deciding to buy in the Dandenong Ranges. Every home is different. 

You have a list of what you want, and it seems that the search for the perfect home will be never ending. By the time your research is done, the house is sold, or your research has shown that the home will be a headache and repairs will take it well beyond your reach. 

Eventually, a house hits the market and you go for it. Does it fit all your wish list? Kind of. 

Private sales can be trickier than auctions; it’s all smoke and mirrors, and can you rely on what the agent is saying? Are there really other bidders, and are they really making another higher offer? Uncertainty is strong when you don’t know, can’t see, can’t hear, the other bidder. You persevere. Success, the home is yours. 

The addiction of waiting for every new listing on realestate.com.au or domain.com.au (or both) is still with you, it will take a while for it to sink in that you have your weekends back. Watching other homes that were high on the list to pursue, happy because you were successful and don’t need to worry about the nervous tension of being the winning bid (because you achieved THAT goal), and interested to see what the other homes sold for. 

Did they sell higher or lower than your expectations?

A moment or two of “What if we bought that one”

Buyer dissonance is real, it strikes even through your delight that your home search is over. 

When does it strike? It varies for everyone. If you buy through private sale then Cooling Off can be a trap for your dissonance to take over your happiness, changing to fear of “what have I done”. Depending on the strength of your dissonance, Cooling Off allows you to change your mind, get out of the Contract, and begin your home search anew with only a minor cost. 

There is no cooling off with auction. It’s done. No place for regret. You can only move forward, to change your mind post auction is very expensive. 

Researching homes is more than how they look – the latest furniture, a fresh coat of paint, an updated kitchen, or bathroom, or maybe both. Too often home buyers get hung up on looks, they may ignore their wish list because a home looks fresh and inviting. The sellers will be happy, their goal would be achieved, their hard work with presentation has paid off. 

Offers are closing on Tuesday and you walk through the home once last time on the Saturday. It still appeals however you have had time to think. The floorplan is wrong, the location is wrong, the position is wrong, the renovations were poorly done. Do you still offer? Do you walk away? You have committed to the home – the conveyancer has checked out the Contract and Section 32, building and pest inspections have been done, you have organised someone to be by your side as you offer. Money, time and energy spent. Do you proceed or do you lower your walk away price? 

Your pricing research works out at the lower end of the price guide (this is rare in Melbourne currently with underquoting the prevailing norm). You know that you are unlikely to be successful at the Auction and internally you breathe a huge sigh of relief. You may even make a bid so that you can say that you tried and were unsuccessful. But what if everyone else has reached the same conclusion and they back away and you become the highest bid? 

Fears such as the above – winning the home that you don’t really want, or winning the home that you want but overpaid, or winning the home but there is another home that is new to the market that ticks more of your boxes. 

Confidence in your purchase comes from exploring what you really want, need, and must have in your new home, being firm in your maximum, walk away price, and knowing why you were buying a home in the very first place. 

It’s why I spend so much time on the beginnings with my clients – so they get that confidence, that winning feeling at the end. No buyer dissonance here. 

Buyer dissonance, also known as buyer’s remorse, is a psychological state where a consumer experiences regret, doubt, or anxiety after making a purchase. This discomfort arises from cognitive dissonance, a conflict between the decision to buy and the buyer’s beliefs or expectations. Essentially, the buyer questions whether they made the right choice, leading to feelings of unease or dissatisfaction