What is Analysis Paralysis?
The term Analysis paralysis refers to a situation in which an individual is unable to make a decision, as a result of overanalyzing data or overthinking choices.
This inaction leads to losses or missed chances that the investor later regrets.
Analysis paralysis can occur with many investment decisions. Real Estate is a classic example.
The Case of Analysis Paralysis in Real Estate
I have been working in the Zirakpur Real Estate for quite some time now.
I would say analysis paralysis is a very common issue that I come across in home buyers or even commercial investors.
There are two major reasons that I have identified for this situation:
1. The customer is not really sure what he wants.
Quite often, the investors in Zirakpur, come from outside the city or state. They have a rough idea of what they want but once they start exploring the options leave them confused and puzzled.
There are multiple reasons for it:
- Location- The customer is not able to choose between different locations
- Price– obviously, the price changes with the location so the customer cannot process this difference in prices of similar projects but at different locations
- High rise or Low rise: This factor again something that confuses many people
- Ready to move or under construction: People are tempted to buy a ready to move unit but price for ready to move units is generally higher so that confuses some.
2. Customers go bargain hunting
It is very important to differentiate between two different products and companies.
Some companies in Zirakpur have artificially inflated the prices to offer high discounts while others offer less discount.
Once a customer visits the first, the expectation for discounting gets unrealistic and the customer starts hunting for a bargain rather than a product.
I advise people to always follow these 3 Most Important Rules for Investing in Zirakpur Real Estate.
I have also made a Zirakpur Real Estate FAQ’s – A Library of the Most Asked Questions
You might also want to visit this page once: 7 Point Site Visit Checklist- An Easy Guide To Visiting Real Estate Projects In Zirakpur
What are the negatives of Analysis Paralysis?
Simple, you will miss out on a good opportunity to buy real estate.
I know many people who have been hunting for an apartment for years.
Every time they start hunting for a house, they get confused and distracted and then stop their decision making for another 6 months.
My real estate experience tells me that luck and serendipity , not money buys you good real estate.
Am I saying that you don’t look at options before buying?
Real estate purchase is perhaps one of the most important decision of one’s life.
For an average middle class person, this decision is made once or maximum twice during his/her lifetime so due diligence and analysis is very important before making a decision.
At the same time it is also important to have a clear mind and the ability to take a decision at the right time.
Sometimes an unclear mind and indecision will cost you a fortune in missed opportunity and price escalation.
I hope some of you who read my blog regularly will connect with this topic.
If you have any suggestions, feedback or queries kindly drop me a message below.
I have written a detailed blog post on Zirakpur for those who are from out of the city. This blog post will give you detailed information on Zirakpur and all the related aspects.
You can read it here: About Zirakpur
You can get in touch with me on : 6283060221