Selling a home is an emotional process. But take solace to the fact that you are not alone in this agony as millions of people have fallen victims to their own emotions when letting their homes go.
Here are 5 emotional home seller mistakes that you need to avoid according to Trulia:
Price reduction paralysis
So, you list your home higher than the comps since you feel confident about your home's prospects on the current market. Then, you will realize that your home has been on the market for days or months. That confidence now begins to turn into panic - you are dreading the possibilities of getting a lowball offer, or that you will never find a buyer, or that you are stuck in the property and start from scratch and create a whole new plan.
Are you going to just sit there and wait that your home suddenly becomes miraculously attractive to buyers?
What you can do is cut the price. You will find that by doing so, you will start getting multiple offers. Ask your real estate agent to find out how long most homes stay on the market in your area - from there, you would know the best time to reduce your price based on comps.
Excessive attachment
The harsh reality is, buyers don't consider the amount of emotional value you hold for your home. It's maybe the place your children took their first steps in, or your parents built the entire structure with their bare hands - but if you decide to put it on the market, you have to look at it as a property that has to be marketed and priced.
When you are overly attached to your home, chances are:
- You will overprice it.
- You will ignore market data.
- You will disregard the agent's staging advice.
- You will be irrational in negotiations around price or repairs.
- You will refuse to respond appropriately to market feedback.
Ignoring the needs of your target audience
A successful house sale can be achieved by understanding your target buyer's wants, needs, and desires. Selling a condo? Potential buyers are likely looking for efficient storage spaces and room for entertaining so do mention built-in closet organizers, a coffee shop on the next block, and incentives such as homeowner's association's dues paid a few months in advance.
If your property is a three-storey rancher on a half-acre, it is safe to think that your target buyers have pets and kids on their high priorities. Highlight custom play structures, the organic vegetable garden, and proximity to quality schools.
Celebrating too soon
Don't make the saddest mistake of celebrating before the deal is completely finalized. Here are just some of the things that could go wrong if you jump in the celebratory mood too soon:
- Failing to do all the items on their property prep list
- Overpricing (assuming the demand-supply imbalance will automatically swing in their favor)
- Getting sloppy in how they maintain their home while it's still on the market
- Making large purchases or spending their house proceeds "in advance," while the buyer's loan and inspections are still pending
Price Confusion
Don't base your listing price on the amount of money you will need to fund your next home purchase or your move to Singapore - instead, base it on the home's fair market value. What it means is the amount that a qualified buyer will pay for your house at any given moment. The best way to get this fair market value is by getting date on how much similar nearby homes sold in the current market.
