When you invest your blood, sweat, and tears to sell a home, you might have trouble hearing the truth.
And it’s understandable. Of course, you want the best possible return on your investment.
But sometimes, the truth does hurt. That’s why it’s best to understand that the market will work the way it does regardless of your emotional investment in your property.
So, you need to be smart about how you approach selling your house on your own. To help you do that, I’ve written this guide full of helpful tips for selling a home so you can do so without the emotional mistakes!
8 Emotional Mistakes to Avoid If You Want to Sell a Home
1. Unrealistic Overpricing
The housing market is undeniably strong right now, which means you can expect plenty of offers when selling your home.
However, you can’t let this make you so overconfident you jack the price up to unrealistic levels. Buyers — not sellers — determine the right price for a property.
Some sellers may even use overpricing as a negotiation tactic, the same way buyers use low ball offers. In much the same way, these strategies can backfire because it makes the other party feel like you won’t negotiate. The buyer will simply wait until you lower the price to the level they believe it’s worth.
So, instead of getting caught in this game, check out appraisals for similar nearby homes. Figure out what your home will realistically sell for, and don’t get too caught up in what you believe your home is worth.
If you listen to and respect the market, you’ll have no trouble selling your house on your own.
2. Overlooking Low Offers
If a buyer submits an offer that’s so low it stings, don’t get offended. It’s easy to take this sort of thing personally, but all it really means is that the buyer is serious.
A low offer simply means the negotiation process has begun. And because it is your home to sell, the ball is now in your court.
Sure, the buyer may start pointing out every flaw with the property. All that means is that they’re looking hard, and trying to get themselves into the property as easily as possible.
And if you were a buyer, wouldn’t you try to get the best possible deal from the beginning?
Just keep this in mind: you don’t have to take the lowest offer when selling the house. You can be as flexible or firm as you like – as long as you take the buyer seriously.
3. Ignoring Your Inspector
One of the best tips for selling a home is to get the property inspected as early into the process as possible.
But for emotional reasons, many sellers choose to ignore the advice the inspector gives about getting their house into top shape. It may be hard to believe, but your property could actually have some serious issues that need tending to before you’ll ever find a serious buyer willing to pay your price.
Here are three reasons why you should have your home inspected before selling:
- It’s a goodwill gesture. Buyers will appreciate that you’ve gone beyond what’s expected. You’re also giving them peace of mind and confidence in their purchase.
- It gives you a heads-up. Any serious existing problems will come to light long before you list your property. The fewer problems you have when selling the house, the faster it’ll move through the market.
- It can help you show off. If you love your home, a pre-inspection can highlight all its selling points. The inspector will very likely point out all its major upgrades and strengths.
So, get your home inspected before you ever begin the selling process, and listen to what the inspector says. They aren’t trying to offend you if they tell you your house needs some work, so don’t take any negative observations personally!
4. Being Too Attached
As soon as you decided on selling the house, you probably stopped to think about all your memories of the place.
But when you’re trying to get the best deal on the sale, you have to move on.
If you’re too attached to the home, you may:
• Ignore the market
• Ignore your real estate agent’s recommendations
• Be irrational in negotiations
• Refuse to accept feedback
• Panic around closing time
Sure, maybe your children took their first steps in the front yard. Maybe you and your spouse built the home with your own hands. Just remember that you’ll always have your memories – and all the money you’ll make from selling the house.
5. Ignoring the Needs of Potential Buyers
If you put your home up for sale, you have become a marketer. And if you want to get the best deal for your product, you have to understand your target audience’s needs.
Try to recognize what might stand out about your property to buyers, and put emphasis on them. Offer incentives like homeowner’s association dues paid in advance. Highlight the benefits of living in the area, including any interesting nearby stores or venues.
The reason why you might not do this is because of your emotional involvement. When you think about selling the house, you might believe it’s so special that anyone would love living there. But by creating a full picture of the rewards of living in your property, you’re letting the buyer know that their purchase will offer much more than a roof over their heads.
6. Celebrating Too Soon
When the selling process nears completion, you might get a little hasty. Yes, you deserve to celebrate if you successfully managed selling your house on your own. But if you start the party before the deal is done, you might put yourself at a disadvantage.
Here are some ways you could hurt the sale through overconfidence:
• Failing to get the property into top shape for the sale
• Assuming the sale will automatically swing in your favor price-wise
• Not maintaining the property while it’s on the market
• Making huge purchases in advance while the buyer’s loan is still pending
If you want to be a smart seller, don’t fall prey to overconfidence. Instead, stay vigilant and keep your finances in good shape until the sale closes. Then you can celebrate.
So, do you think you’ll be able to get through selling the house without making any of these emotional mistakes?
It’s tough to be a cold, calculating businessperson when selling your house on your own – especially if you’ve invested more than just your money in the property. But if you keep these tips for selling a home without being overly emotional mind, you’ll come out of the sale with a big smile on your face.
Do you have any more questions on real estate wisdom? If so, I’d be happy to speak with you – especially if you’re in the Austin, Killeen, or Ft. Hood area! Contact me today and we can sort out all your real estate needs.