Yes, we do make mistakes, especially when our emotions are high, we sometimes end up saying words or making decisions that we later regret when our rational side kick back in. When our emotions are high it tends to affect our ability to make a sound decision. This may not be a huge problem if the mistakes we made are just trivial, but imagine if the stakes are high, like making a huge mistake when a selling a home – that’s a big NO-NO.
Home sellers who allow emotions to overtake them during the sales process often make mistakes, and these mistakes are often costly. However if you, as seller, were able to check yourself before you got trapped by your emotions, you can avoid the slip up.
Here are some tips to help home sellers avoid making emotional mistakes.
- Attachment. We understand it can be hard for you to detach yourself from memories especially if you have lived happily in your homes for years. However if you are committed to sell your home, you have to put aside your attachment and look at your home as a commodity you need to sell.
- Home is priced based on needs or emotion rather than market value. Many sellers make the mistake of thinking that their home is special and that a buyer will pay more because of it. In actuality, buyers don’t really care about the emotional value the home holds for the sellers and they certainly won’t pay for it. Sometimes sellers also base the asking price because that is what the seller paid for the house, or that is what they need to pay for their next house. The price should not be based on subjective value. It should be based on the actual market value.
The market value is determined by looking at comparable sales in your neighborhood, the overall condition of your home, style, features, age, location, market condition and demand. If your house is not correctly priced, you reduce the chance of selling your home.
- Price reduction paralysis. No one is going to pay for an overpriced home and it will always end up sitting in the market for long. When that situation happens home sellers often develop anxiety. Those who cannot manage the situation ended up paralyzed. When a home is overpriced, reducing the price is the only way to fix it.
- Rejecting early offers. Sellers believe that the first offer will be one of many to come and their emotions are high thinking they could hold out for a better offer. Many sellers decline the first offer and ended up reducing their price down the road. Remember, be careful in rejecting early offers, they are often the best. The longer a property sits on the market, the worse the offers are likely to get.
- Taking it personally. Sellers need to detached themselves from their homes, a real estate transaction is aggressive and confrontational, and negotiating the sale of the home can be very difficult if the seller is emotionally attached. If you get offended because of what the buyer is asking for or you have a mentality of getting what you want, the sales process is not going to be a pleasant one. Keep in mind you are not likely going to get all you want when you sell, neither is the buyer. You will have to find common ground where you and the buyer can get most of what you want.