You would think that plenty of choices, whether you are buying cereal or buying a home would be a good thing.
You would think it would make things easier.
You would be wrong.
When too much information is sought and obtained, one or more of several problems can arise. (1) A delay in the decision occurs because of the time required to obtain and process the extra information. This delay could impair the effectiveness of the decision or solution. (2) Information overload will occur. In this state, so much information is available that decision-making ability actually declines because the information in its entirety can no longer be managed or assessed appropriately.
In other words, you can get so much information that you can’t decide, even if it is important.
Professor Sheena Iyengar, author of “The Art Of Choosing,” did a now-famous experiment with jam. Although people are attracted initially to many choices, having a large number of choices can actually make it impossible to make a decision:
Here’s the interesting part. Sixty percent of customers were drawn to the large assortment, while only 40 percent stopped by the small one. But 30 percent of the people who had sampled from the small assortment decided to buy jam, while only 3 percent of those confronted with the two dozen jams purchased a jar.
So you are buying a home in Central Massachusetts. There’s a lot of “jam” out there! How do you keep focused and not be overwhelmed with choices?
First, get preapproved, then look at those numbers and see if where you are comfortable as far as monthly payments go. Just narrowing your sights on the right price category will eliminate much of what you don’t need to see, and that is key to making a decision.
Eliminate many online. If they don’t seem like a good match online (too small, not enough acreage, too long a commute), the property won’t get better in person.
If you are being shown many homes at one time, bring along a printout of the online information for each. As you see each of the properties, decide as you are walking out the door whether or not the home is a good match. If it isn’t, through the printout away. Make a goal to only keep one or two at the end of a day of showings.
And keep in mind that although there appears to be a lot of inventory out there, the best homes are getting offers soon after listed, and in our area the average number of days on market for sold homes is 141 (sold single families, 8 mile radius around 01453, 3 months time-frame). If you really like a home and it is hitting most of your major points, chances are someone else is going to feel the same way. Maybe it’s time to make that offer.
Buying or selling your home, or just interested in general real estate market conditions? Get to know our agents on our facebook page, search home listings from the button on the right, or call the office for no-obligation information at 978-537-6401.
