Whether we know it or not, many of us are deeply attached to our home. Unfortunately for many sellers, emotions can get in the way of quickly selling their home. In part one of this two-part series, we reviewed a few common reasons why people may become emotionally attached to their home, as well as a few emotionally-charged circumstances that may prompt homeowners to sell their house. There are several emotional mistakes that sellers fall prey to, and in today’s blog, we’ll review a few errors that are best avoided when you’re selling your home.
For Missouri residents who are having difficulty selling their home on the traditional real estate market, Cash 4 Kansas Homes offers innovative real estate solutions that feature fast cash offers and quick closings. To discover how our team of home investors can help you sell your home faster than you thought possible, contact us at 913-276-0769 today!
5 Emotional Mistakes to Avoid
Whether you’re selling your home because of a death in the family, a divorce, health problems, or another reason, the process can be very emotional. Unfortunately, emotions get the best of some homeowners, and that can prevent you from selling your home as quickly as you’d like. Below are some common emotional mistakes that you should take care to avoid.
Too Much Attachment
When you’ve lived there for a long time, there are a lot of memories that can be attached to your home. It may be the home you grew up in that was passed down to you, you may have lived there when your kids took their first steps, or it may be the first place you and your spouse bought together after you got married. Once you make the decision to sell you home, it is helpful to set aside the memories and view your home as an asset.
Being too attached to your home can lead to mistakes such as pricing it too high, ignoring or failing to do your market research, and disregarding a professional real estate agent’s advice. Additionally, if your attachment to your home is too great, you may fail to stage it properly, be irrational during negotiations, or be too lax on following up on potential leads. Although it may be difficult, keeping your attachment to your home in check may help ease the selling process.
Improperly Marketing Your Home
When you are selling your home, it is important to listen to the needs of potential buyers and do everything that you can to accommodate those needs. Marketing your home to meet the desires of those buyers that are likely to be interested in your home is essential to selling your home quickly. Failing to market your home properly could result in it sitting on the market for longer than you’d like.
When you are too attached to your home, you may have difficulty seeing it from the eyes of prospective buyers, and if you are unable to see things from their perspective, this can prevent your from staging and marketing your home properly. If you are concerned that you may have trouble discerning what buyers need and want from your home, you may need to rely on a professional real estate agent to sell your home in a timely fashion.
Pricing Your Home Too High
Choosing what price to list your home at is one of the hardest decisions of the selling process. If you list it too high, you’re unlikely to get people lining up to take tours of your home. However, if you price it too low, you could miss out on thousands in profits. If you fall prey to being too attached to your home, you may forgo the necessary market research that will allow you to hone in on a fair and competitive price for your neighborhood.
Being too emotionally invested in your home can make you feel like it is worth more than what most buyers are willing to pay. Homeowners who have sunk a lot of blood, sweat, and tears into a remodel often price their homes higher than comparable homes in the neighborhood because of their attachment to the work that went into the home. Pricing your home too high will likely cause it to sit on the market longer than you’d like.
Fear of Lowering the Price
Along with the tendency to overprice your home when you have strong emotional ties to it comes the fear of lowering the price when it fails to sell quickly. Unfortunately, many homeowners aim high when first listing their home, only to have it sit on the market for months (or years) on end because they are afraid that lowering the listing price of the home will somehow reduce its value.
A home that sits on the market for longer than expected can create emotional stress for homeowners as they face the reality that their home may not seem as valuable to potential buyers as it is to them. A lot of emotional turmoil can be avoided when homeowners choose to set their pride aside so that they can complete unbiased market research to price their home right from the start or lower it when it doesn’t sell.
One of the biggest mistakes that sellers can make when their home is on the market is having an over-inflated sense of confidence that your home will sell when you think it will and for how much you think it should. Because a strong emotional attachment to your home can lead to you turning away what might be a fair offer in hopes of holding out for a higher one, too much confidence in your property can hinder a quick sale.
Overconfidence may lead you to list your home for too high of a price or you may find yourself believing that it is unnecessary for you to stage the home properly for potential buyers. Likewise, if you assume your home will sell quickly, you may purchase another one before you have the cash in hand to do so. This can create an unnecessary financial burden that can be difficult for some sellers to recover from.
Considering Selling Your Missouri Home Quickly?
At Cash 4 Kansas Homes, we understand that selling your home can be an emotionally difficult process. When you choose to partner with our company, we’ll take the time to explain our buying process in detail so that you can feel comfortable selling to us. Regardless of why you’re choosing to sell your home, we are here to help you every step of the way. To discover how you can sell your Independence or Lee’s Summit home in less than 30 days, contact our team today.