Avoid Emotional Mistakes When Selling a House
There is no doubt that selling a home is a complex, emotional and multi-step process. When you are looking to sell your home in a buyer’s market, you have less room for mistake – that buyer you alienate could be your last chance to sell for a long time. Still, it is not uncommon for sellers with the best of intentions to make a variety of emotional selling mistakes.
Fortunately, most of these errors are preventable – most, in fact, involve swallowing your pride so that you can act in your own best interests. It helps to keep your emotional distance, and to view the house as a financial asset, rather than as a treasured possession. Here are emotional mistakes home seller frequently make, and how to avoid them.
Being too attached
Of course you are attached to your home; after all, this is the place your kids took their first steps, the place you raised them, or maybe even the place you grew up. But when you decided to sell a home, it becomes a property, an asset—and like any other good. It must be marketed at the right price in order to sell quickly. If you are too attached to your home, you’re likely to make a mistake in the selling process.
Listing price too high
Sellers frequently have a set idea of what their home is “worth” even when the market is telling them something quite different. No matter how great you think your home is, it’s only worth what someone is willing to pay for it. Potential buyers don’t care that you’re emotionally attached to your home, nor do they care to pay what you think its worth. In most cases, the price will be similar to the prices other sellers are getting for other homes in your neighborhood. If your home has some additional features such as a pool or a large addition – it may fetch a higher price, but not always. Do your research, listen to your real estate agent, and price your home accordingly.
Don’t make the mistake of listing it at an unrealistic price. If you are looking to sell your home, you must be realistic with the price and stop being so emotionally attached.
Ignoring the needs of potential buyers
If you are looking to sell your home quickly and efficiently, then you have to understand what potential buyers want. Every marketer understands what their target audience wants and desires, and in order to get top dollar for your home, you must understand what potential homeowners want.
Understanding your target market is essential to sell your home quickly. Buyers these day is looking for turn-key and move-in ready home. Buyers don’t want to spend additional money for new paint or new carpet. A few updates to your home will help your home get sold quickly.
Failing to show the house at its best
First impressions can make the difference between a sale and a missed opportunity. In a buyer’s market, seller may only get one chance to impress buyer. Prospective buyers can appear at any time, not just on weekends or during open houses, so you need to be ready for them at all times. That means keeping a clean and tidy home, vacuuming several times a week, and never, ever leaving dirty dishes in the kitchen sink. Work out a cleaning schedule, and have everyone in the household stick to it. Also, if you need help and can afford it, consider hiring a cleaning service.
Unwilling price reduction
In many cases, especially in seller’s market, seller decide to overprice their homes to test the market. They start out very confident that their home will sell for what they believe it’s worth. But as days on the market turn to months, that overconfident homeowner starts panicking. They panic with the thought of only getting lowball offers and they panic because their home isn’t sparking interest.
When seller are too attach to their home, they believe it’s worth more than it really is and only come to their senses after the home has been on the market for so many weeks or months without any interest. The best way to avoid this panic and stress is simply listing your home at the right price from the beginning.
Offended if the home inspection turns up a problem
You know your home is perfect – in fact, you probably just spent considerable time, effort and money making it perfect to put it on the market and get it sold quickly. However, a home inspector may find problems that you do not know you had, and that upsets some sellers.
Some issues such as poor drainage, improper wiring and roof problem such as broken/missing roof tiles are often not aware by homeowner. Other potential problems include inadequate home heating systems, poor ventilation and overall bad maintenance. If the home inspection turns up any of these problems, getting upset won’t help you change the facts. Take action to remedy the problem, or you will likely lose the sale.
Selling a home is a business transaction, seller need to treat it as such and move the process along as quickly as possible. Your emotions, no matter how genuinely felt, usually get in the way of successful home-selling, and banishing them can help you avoid all kinds of costly mistakes.
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Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
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