Selling your first home is an emotional process to say the least. And when you’re not properly prepared or you don’t have the right agent supporting and guiding the process, it can become traumatic. Saying goodbye to a beloved family property, giving up the house you spend years making a home, and moving on from all the memories are just part of the process. Emotionally charged, defensive sellers can make costly mistakes.
What’s most important is keeping your cool and remembering, real estate is first and foremost a business transaction. Your real estate agent is a professional and there to provide a business plan so that this delicate time is handled with grace and ease. But watch out for these four mistakes first-time sellers make when their emotions get in the way.
Asking Too Much for the Property
An excessive asking price is often the result of an emotional seller. They tend to believe the emotional attachment to their first home is worth money, and a lot of attached sellers think if they find the right buyer, then the buyer will see why the sellers loves their house and will pay more. These kind of sellers fail to realize emotional attachment is worth nothing, and it is important they understand it early on. Otherwise, their home will sit on the market needlessly for being listed above market value.
That’s why First Team agents use our Market Trends℠ software to find the right price, right off the bat. We don’t settle for basic pricing comparisons, so we built our own to analyze sophisticated market statistics and trends. You can be confident that your hoe will be priced accurately when you work with a professional who knows The NEW Rules of Real Estate®.
Hovering During an Open House
There are a small number of good reasons for a seller to attend their own open house, but it is usually something better left to the real estate agent. Potential buyers may be hesitant to ask good questions out of fear of offending the homeowner, and when questions are asked or criticisms arise an emotional seller can get even worse, or a grounded seller may transform into an emotional one. It is crucial that you don’t take criticisms personally, and the easiest way to prevent that is by staying away all together while potential buyers are touring your home.
Turning Down Early Offers on the Home
A lot of first-time sellers get afraid when offers start coming in for what they perceive is “too soon” after listing. Many can end up rejecting serious, valuable offers because they start believing they may not have asked for a high enough price. Their emotions prevent them from seeing logic.
But smart buyers in the market are going to see when new homes come up for sale, and they are going to look at them right away. Rejecting these quick offers is a mistake because it can leave a property stranded on the market. As long as you and your agent have properly priced your home based on market trends, remodels, and neighborhood comparables, there’s no reason you can’t take the first great offer that comes in the door.
Taking a Low Offer Personally
It’s easy to take low ball offers personally – but there’s no reason why you should. It’s not a slap in the face or a personal affront, it’s just a negotiating tactic. It’s a business transaction so it’s important to detach emotionally immediately once you start getting offers. If you let emotion get the best of you, you could walk away from a great potential buyer who is just trying to negotiate.
It’s easy to lose your cool when something so important – your biggest investment – is at stake. To help you detach, find an agent you trust to help make the tough decisions.
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This guest post is written by Meghan Belnap, a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan suggests avoiding these mistakes by hiring someone with an applied behavior analysis certification to teach an emotionally attached seller how to let go and achieve a positive outcome. Meghan finds happiness in researching new topics that help to expand her horizons.