Analysis Paralysis: Overthinking About Getting Into The Market
I get it, buying Real Estate in Toronto can be overwhelming. With prices of homes across in Toronto over one million dollars, I understand the fears that can paralyze you from making a move today that will benefit your future.
Being a realtor, for 15 years, as well as having gone through my own journey in real estate as a home owner and an investor, I’ve also felt the stresses that come with buying real estate.
Fear of Debt
Fear of Commitment
Fear of Change in Lifestyle
Fear of losing money
One thing I know about fear, is that fear can paralyze you and motivate you. So if you are paralyzed by the fear, you need to ask yourself, a few questions that could help you understand that your fears are leading you to a future of the #1 fear of all - failure.
If you don’t buy today, where will you be 1 year from now? Will real estate be more affordable? Will you be more acceptable to change, more acceptable to debt, will you be in a position to commit? Will all the things you feel that needs to happen before you buy happen? What if it doesn’t, and 5 years from now how would you feel if you’re still in the same position you’re in today? Where will you be living? Where will your family be living? Do you see a future where you and your family could be happier? Are your resentful to those that have what you wanted?
Would you have any regrets of not buying or moving sooner? Are you still renting? If the market prices increase, would you be mad, that homes are less affordable? Would it upset you knowing how much your net worth would have gone up? How would you feel? How would you make others feel? How does this affect your life?
Now, I’m not trying to fear monger, these questions led me to understand that the fear of failure was greater than the fears that come with buying, moving and investing in real estate. Realizing this motivated to take the action. I believe that there is a time for everyone to get into the real estate market or to make a move. Taking action doesn’t have to mean making that move but it should at least start with a plan for a better future.