The greatest hindrance to a home sale can be a seller who is seized by emotion.
It is very important for sellers to (keep) in mind that a real estate transaction is most likely the single largest financial transaction they will ever undertake. It should be viewed and handled primarily as a business transaction, with cold, hard decisions being made on a financial and investment basis.
Home sellers who allow emotions and sentimental attachments to overtake them during the sale risk making hasty, poor decisions.
Here are a few tips to help any home seller avoid making emotional mistakes that could cost money.
Getting top dollar is the dream of every home seller. But getting a buyer to pay a premium for features that are valuable only to you? That’s closer to fantasy.
Many sellers make the mistake of thinking that their home is special and that a special buyer will pay more because they also fell in love with the property. The truth is that prices have nothing to do with the seller’s emotional affinity for the property. It’s a different market. If the sellers bought their home during the market’s peak, they may have to face the unappealing prospect of losing money on the sale in today’s market. This is a difficult position for a seller to be in, but it’s one that reflects today’s realty.
2. Attending a Showing
There are legitimate reasons why a seller might want to be present for the home’s showing. But having a seller there tends to sour the experience for most buyers. Sellers think that every little thing is a complaint against how they may have maintained the property. The reality is that observations from buyers – though sometimes harsh – have nothing to do with the person selling the home.
Having a seller present for an open house or the first or even second showing tends to stifle potential buyers from expressing opinions. After hearing negative feedback, some sellers reject offers for emotional reasons. Sellers should use their agents to insulate them from the process and filter relevant information. They should meet buyers only when a serious offer is on the table.
3. Rejecting Early Offers
Sellers be warned: The longer a property sits on the market, the worse the offers are likely to get. Once the property is marketed, it will receive the most attention during the first two weeks. If it is priced right, an educated buyer who has been in the market for a while sees the home as a fit, will put a serious foot forward.
4. Taking offers personally
A seller needs to be ready to hear criticism of their lovely home and be able to deal with it as a negotiating tool and not take it as a personal affront and walk away from a potential sale for emotional reasons. By it’s very nature, a real estate transaction is aggressive and confrontational, since the seller wants to highest price and the buyer wants the lowest.
Read the complete article courtesy of Michael Estrin of Bankrate.com/realestate.msn.com right here.
MULJAT GROUP NORTH | 505 Front Street | Lynden WA | 360.354.4242 | muljatgroupnorth.com