J.R. Whelan

speaker

21,375 appearances 574 recordings 1 series first heard Oct 2017 last heard Aug 2024

J.R. Whelan’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · The Psychology of Homebuying · 28 Apr 2023 podcast

So Brad, this is one of the biggest expenses someone will take on in their lives. voice-verified

And as we've heard in the previous episodes in our series, it requires meticulous planning. voice-verified

What causes people to often enter the home buying process with less than a sharp mind? voice-verified

We heard in last week's episode that people sometimes enter the housing market at the wrong time. voice-verified

How does psychology work into that? voice-verified

So what can people do to break free of the grip that FOMO and other psychological hurdles are placing on their ability to think rationally in this home buying process? voice-verified

Oh, bring in somebody completely from the outside who's not with you in this home buying journey. voice-verified

So what's it like for homebuyers who have to deal with these emotional hurdles on top of everything else? voice-verified

We'll hear from a recent buyer after the break. voice-verified

Buying a home requires lots of brain power, but it's got to be the right brain power. voice-verified

Letting the emotional side of your brain call too many of the shots can get in the way while you're dealing with all the numbers, all the phone calls, all the inspections, and everything moving at a frenetic pace as you compete with other buyers. voice-verified

44-year-old Asim Juneja had to navigate that journey when he and his wife bought a home in Massachusetts. voice-verified

Tell me about the mindset and the emotions that you and your wife were dealing with when you were in the buying process. voice-verified

Dealing with the pressure to buy a home and managing all the numbers and decisions can throw prospective buyers off their game and lead them to making poor decisions. voice-verified

Realtor Tracy McLaughlin has been selling houses in California and Colorado for more than 20 years, and she makes a point of educating buyers on the role that emotions and biases play as she's helping them through the process. voice-verified

So where do you see this manifesting itself with the buyers that you're bringing around to see houses? voice-verified

How does the lack of clear thinking cloud people's ability to think about options they might have instead of buying a house? voice-verified

And there's probably strong feelings of elation and anticipation as they cross steps off their list towards securing a home. voice-verified

But where do you suggest that people, you know, tap the brakes and take a dose of reality? voice-verified

Throughout the series, we've learned that buying a home is a lot more than just relying on the old adage, location, location, location. voice-verified

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