Selling your house can of course evoke many different emotions. If as home sellers, you are realizing this, understand that you are not alone. The important thing for home sellers to keep in mind is to not let your emotions get the best of you.
Here are some things for home sellers to consider in order to avoid these common mistakes.
Emotional Over Pricing
You love your home. You think it is amazing. While you might be right, when you are over confident, you might over price. And that could be a problem for home sellers.
When home sellers list much higher than the comps you run the risk of sitting on the market for an extended period of time. Then, the overconfidence turns to worry. And this worry focuses on you only getting a low offer or that your house won’t sell at all. Worry turns to panic and that can snowball and affect how home sellers make decisions moving forward.
But there is a different approach home sellers can take. You don’t just have to sit around and wait for your house to sell. You can cut the price. A price reduction will be appealing to buyers and you might even find yourself in a bidding war.
The reality is that home sellers must go into selling your home with an open mind and all of the information. Look at comps to see what the typical length of time is for houses to sit on the market. Then you will know pricing and when a price reduction may be needed.
While it is always great to walk away with a profit from selling your house, you can’t base your list price on how much money you want to walk away with. Funding your next house cannot be the reason behind your list price. Your list price must be based on the fair market value.
When You Are Too Attached
It’s understanbly difficult to detach yourself from your home. But when it’s time to list, home sellers must treat your house as an asset and then market it as such.
Try not to think of your house as the place where you carried your bride across the threshold or where your baby took her first steps. If you can take the emotional attachment out of the selling process you’ll be less likely to ignore staging advice, over price the home, or be closed off to negotiations.
It might be difficult to hear but your potential buyers will not value the house like you do.
Don’t Ignore Your Target Audience
Now that your home is for sale, welcome to the world of marketing. Every marketer wants to get the highest price for their product. To do this, it’s important to understand who your buyer is and what they want and need.
A single person in the city is going to be looking at your condo. You’ll want to point out things like the close access to public transportation and the convenient coffee shop around the corner.
On the other side of the spectrum, the family of four will be looking at your single family home in the suburbs and would love to know about your great schools, parks and family friendly spots nearby.
Hold the Celebration
You accepted an offer, congrats! But until the deal is closed you have to stay on top of your game. Be sure you keep up with maintaining your home for the inspection, fix all needed repairs and avoid making any larger purchases while you are waiting to close on your next property.
Deals can fall out of escrow for all kinds of reasons. Smart sellers stay vigilant and keep their houses meticulous and their finances in good shape all way through to the end.
Selling your home can be very emotional. But in order to be successful with the sale, home sellers need to remove as much emotion from the process as possible.