Many factors influence a successful home sale. Factors like location, market conditions, and interest rates can all affect the final purchase price. However, too often, the home seller’s emotions get in the way of achieving the best deal possible.
Everyone believes their home is their castle -and why wouldn’t they? When making what was probably the biggest purchase of their life, they chose the exact home they are now selling. Then, in subsequent years, they likely continued to transform it into their vision of what a great home is, all the while thinking that if they can see how great their home is, surely anyone can. This belief, coupled with what may have been years of pleasant memories in that home, contribute toward an emotional attachment that can often get in the way of an effective sale.
How can these emotions get in the way? First, because they believe their home is special, many home sellers think the listing price should be higher than the going rate in their neighborhood. They think potential buyers will surely pay a premium for the unique attributes and features of their home. Moreover, emotional home sellers are also often quick to dismiss early offers, believing that someone will surely come along and offer what the home is “really” worth.
Setting the right price and being realistic when evaluating offers is very critical. The first two weeks a home is on the market is when it will generate peak interest and the highest offers. Once the window of opportunity passes, emotional home sellers often find themselves ultimately getting less than they could have.
Another big mistake emotional home sellers frequently make is choosing to conduct or be present for the home’s showings. During a showing, it is inevitable that even the most interested buyers may make critical comments on the home that can offend the home seller. Often, buyers make these comments innocently or with the intent to set up a subsequent negotiation. In the case of the latter, such comments frequently indicate high interest in the property. However, all too often, an offended seller might write-off that buyer, perhaps feeling that the buyer does not deserve the home.
Ultimately, any or all of these behaviors can result in a less than favorable outcome. If you are planning to list your home, here are some steps you can take to avoid these pitfalls:
Hire a realtor
- A realtor does not have an emotional attachment to your home. They can perform an objective market analysis and suggest the best listing price.
- While you know how attractive the décor and configuration of your home is to you, a realtor best knows how to properly stage your home to attract the masses. Maximizing the number of potential buyers should always trump personal taste.
- By leaving the showings of your home to a realtor, you will not subject yourself to critical comments of potential buyers that may affect your willingness to do business with them. Furthermore, by allowing a realtor to handle negotiations, you may be less likely to walk away from the best offer because the buyer said something offensive.
Think of the Sale as a Pure Business Transaction
As soon as you list your house, forget that it is a “home” and begin thinking of it as a “property”. Remember that the goal is to get the best price possible. Think of your property the same way that you would think of your television or microwave.
If you can manage to put the sale of your home in the hands of an objective professional and keep your emotions in check, it will undoubtedly result in the most satisfying sale possible.