Riding the real estate roller coaster: emotions of the deal

Buying or selling a property is a very big deal – financially and emotionally. And in a market like the one we're in now, the experience can be a real roller coaster. If you’re bouncing from elation to panic to frustration (sometimes all in one day), that's totally normal, even if this isn’t your first rodeo. But expecting to feel some feels will help you get through it.

Here are a few emotions you might encounter along the way:

😀 Excitement.

You've decided to buy a new home or investment property – that's always exciting. You're pre-approved, you're seeing great listings you can picture yourself living in, you're pumped about moving out of your rental or your parents place, getting into a bigger space or moving to a great new neighbourhood.

😠 Frustration.

Losing out to higher offers, having properties snapped up by bullies before you can even see them (come ON), realizing you have to compromise on square footage or location or price. It’s disappointing, annoying, maddening, you pick your adjective. At this stage, you might even be wondering if your agent actually knows what they're doing...and if you're being guided to make the right choices.

😟 Disappointment.

Maybe you put in an offer on a great place conditional on financing and it fell through (hint: getting pre-approved can help you avoid this scenario), or the home inspection came back with problems. That can be crushing, and now you have to get back on the horse and keep searching – or come to terms with the fact that this is going to cost more than you thought. You might end up asking “What if this never happens?” It’s a legitimate fear.

😏 Acceptance.

Once you've been riding the roller coaster for a while, you'll learn to invest a little less emotion in each possibility. You’ll submit offers understanding you might not win. Maybe you'll rethink your budget or your must-haves. And you’ll keep looking.

🥳 Happiness!

Woohoo, your offer has been accepted and you finally landed a place! It’s the best feeling ever. There’s nothing quite like the thrill of all the possibilities that come with a new home, investment or vacation property.

😲 Fear.

When the initial elation has passed and the heat of competition has cooled, some people have a “what have we done” moment. But being a bit freaked about how much money you’ve just committed is 100% normal. Remember, people who bought 5 or 10 years ago were probably hyperventilating a bit too...and look where they are now. If you’re concerned about your monthly costs, talk to your mortgage broker: they’ll have strategies to make things as manageable as possible.

Read more: Timing the market vs. time IN the market

Tip for buyers: make sure your budget factors in property taxes and closing costs like land transfer taxes and legal fees so you don’t get taken by surprise. Those costs can really add up.

😌 Relief.

Your search is over: knowing there are no more showings to go to and no more offer dates to face is a great feeling. You've gotten past any fear or panic you might have felt and realize you've made a great decision. All that’s left to do is move in and 🍾!

Sellers ride the roller coaster, too.

When you’re selling a property, you’ll probably face similar emotional ups and downs. From the sadness of leaving a place you've loved to frustration around lowball offers to the thrill of the sale...and the happiness of moving on to your next adventure!

Ready to ride the real estate roller coaster? Get in touch today to start your best strategy.