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The process of selling a home can be incredibly emotional. However, being emotional throughout the process can lead to some pretty serious mistakes. Here are five emotional mistakes to avoid when you’re selling a home to ensure your home sells for top dollar.
The process of selling a home can be incredibly emotional. However, being emotional throughout the process can lead to some pretty serious mistakes. Here are five emotional mistakes to avoid when you’re selling a home to ensure your home sells for top dollar.
1. Price reduction paralysis.
A lot of sellers feel overconfident about their home prospects and list them higher than comparable homes in the area. When the home ends up sitting on the market for months, that confidence turns to panic. At that point, all you can do is lower the price. Work with your agent to find comparable homes in the area before you list and price accordingly. Find out how long most homes are staying on the market. Your agent will know if and when you should be reducing the current price.
2. Avoid being excessively attached.
Of course, many memories were made in this home and many firsts happened here. You spend years building a life in your home. However, when you decide to sell, your home becomes an asset that must be priced and marketed. Sellers who are too attached are more likely to overprice, ignore market data, disregard agent advice, and be irrational during negotiations because of their emotional attachment. It may sound harsh, but buyers don't carry the same emotional value to your home that you do.
3. Ignoring the needs of your target audience.
By putting your home on the market, you have got to become a de facto marketer. To get top dollar, you need to understand who your target audience is and what their wants and desires are.
4. Celebrating too soon.
Sellers who celebrate before a deal is done can put themselves at a disadvantage in several ways. Some of those ways include overpricing, sloppily maintaining the home, or making large purchases while your buyer's loan inspection is still pending. Keep your home immaculate and your finances in shape through the closing of escrow.
5. Price confusion.
Focus on the home’s fair market value to avoid price confusion. Some sellers like to persuade themselves to base their listing price on how much they need to fund their next home purchase, instead of pricing based on their home’s existing fair market value. The best way to estimate a fair market value is by looking at what other buyers have recently paid for in similar homes nearby. Most agents will do a formal version of the process and present that to the seller to consider before listing.
At the end of the day, selling your home can be an emotional time. By avoiding these mistakes, you can make the process a whole lot less stressful. If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you.
