A homeowner who is overwhelmed with emotion when selling their house could be making several financial mistakes. First and foremost, everyone can understand that sellers are often anxious or upset when selling a home. Maybe they need to sell for financial reasons or ready to downsize. Maybe it’s the home they raised their children or it was a home that belonged to their parents, Regardless, there is no doubt that putting a home up for can be difficult.
But it’s important to sellers to understand that chances are, this will be one of the largest financial transactions they can make. Therefore, it needs to handled like a business decision. Being emotional, can sometimes lead to making hasty and poor decisions that can be very costly.
So let’s take a few deep breaths and discuss the most common mistakes a seller can make when they let their emotions take over.
Almost every buyer thinks their home is unique to the neighbourhood. They believe that a buyer will pay more because they simply can’t live without the property. Unfortunately, buyers most likely are looking for a good deal in a market where they have the advantage. In a buyers market today, sellers are not likely to see prices go through the roof like they did several years ago. It’s simply a different market. Even if you have made the most outstanding home improvements, buyers still are looking for a home that is priced fairly.
2. Stay for showings
Sellers that stay in a home during a showing feel that no one can present their house better than they can. However, buyers really don’t want to talk about the home with the current homeowners. They would much rather walk freely around the house and discuss with their real estate agent. Buyers never feel completely at ease when sellers are around and can’t make honest judgments or feel comfortable looking into closets or cabinets. If sellers do hear negative feedback, they naturally tend to get insulted or attempt to explain why the buyer is wrong. It’s never a good situation. Sellers should hand over this process to their agent and let them take over. That’s what they are getting paid for.
One other mistake that sellers make during showings or open houses is leaving their pets roaming around the house and yard. Again, sellers often think that everyone will love their furry little friends, but this never happens. Some buyers have been bitten, barked at, scared half out of their wits, jumped on and followed while attempting to view a home. And buyers who simply don’t like animals won’t consider a home if pets are there. So when you know you have a showing, make arrangements to take your pets elsewhere.
3. Waiting for a better offer
The first two weeks a home is on the market is the most critical time. This is where it will get the most attention. When a home is priced correctly, buyers and their agents will take note. If an offer is made in those first several days, sellers often wonder if they priced their home too low. If they feel this is the case, then they will wait to see if a better offer comes along. The problem is, most times, better offers don’t come along. As long as the early offer is near the asking price, you can take comfort knowing your house was priced correctly. Waiting for a better offer in this instance, can result in a property sitting on the market.
When a buyer and seller engage in negotiations, it’s easy for the seller to get offended when the buyer points out every flaw and requests that even the most minor of repairs be completed. But consider this: when a buyer does this, they are very interested in the property, as they wouldn’t be spending all of this time on a property they didn’t like. When a house goes on a market, a buyer needs to let go and start the separation process. Negotiations can be aggressive so it’s best to understand from the beginning that it is often a confrontational process, where you will hear everything bad about your house, but rarely anything good. Of course, if it wasn’t good, the buyer wouldn’t be making an offer.
Again, there is no doubt that listing a Windsor house for sale is emotional. Any real estate agent who would disregard this shouldn’t be selling homes. But understanding the process and knowing what to expect, makes it easier to go along. If ever you have any questions, talk it over with your agent.