Is your emotional attachment to your home preventing buyers from taking interest?
We’re beginning to see classic signs of a seller’s market in Charleston real estate. That’s great news for home sellers, who have been at a disadvantage for a few years now. But even with the market change, sellers need to be vigilant and take their Realtors’ advice without letting their emotions cloud their judgment. One of the biggest pitfalls to which sellers fall victim is their emotional attachments to their homes. Let’s take a look at a few of the most common emotional mistakes sellers make and learn how to avoid them.
Extreme Attachment: When you decide to sell, you need to begin to think of your house as less of a home and more of an asset. An emotional attachment to a home has the potential to cause overpricing and ignorance of market data. It can also cause you to be irrational in negotiations and make it hard to respond properly to market feedback. Thinking of your house as an asset instead of your home will facilitate a much smoother transaction.
Price Confusion: Your financial needs don’t actually have much to do with pricing your home. Home prices are based on fair market value, a number your Realtor will suggest based on a Comparative Market Analysis. The sale of similar homes in your area play a large part in the decision of your property’s value. Don’t fall into the trap of dreaming about what the proceeds from your sale will get you. Your next move or your upcoming vacation should play no part in determining your asking price.
Celebrating Too Soon: Sometimes sellers jump the gun and celebrate an offer on their home prematurely. This especially becomes a problem when sellers receive multiple offers on their homes. Surely it will sell quickly, right? Well, that isn’t always the case. It’s common for sales to fall through, whether it’s due to a lack of buyer financing or other circumstances beyond either party’s control. Even if your home is under contract, you still need to perform routine maintenance and listen to your Realtor’s advice. Refrain from making big purchases that might be funded by proceeds of the sale before you actually have them in hand. Don’t throw the confetti and break out the champagne until the deal is closed!
It’s important to be aware of your emotions when you decide to put your house on the market. Try to step back and look at the situation through unbiased eyes. If you find that difficult, Realtors are great at giving unedited feedback and will tell you exactly what needs to be done to attract buyers and get the deal closed. If you find that your attachment is impeding the sale of your home, maybe it’s just not the right time to sell. There’s no harm in taking the house off the market until you’re really ready to let go.