When someone sells the place that they have called home, it is easy to let those emotions get in the way of the sale. These are the common ways that emotions complicate things:
1. Jumping for the first offer that a developer makes.
If the house hasn’t been maintained and the owners are fearful of showing this to prospective buyers, they may make the mistake of selling to a developer rather than a new homeowner. Developers normally pay less than prospective homeowners, so the seller is leaving money on the table.
Even if the house eventually sells to a developer, it will normally sell for more if it is first offered to all buyers.
2. Selling the house to a buyer who is working with their sales agent.
To avoid an extended selling period, which can be stressful, a homeowner may sell to someone whom their agent introduces them to, without putting the house on the market. They will almost certainly lead to a lower selling price than putting the house on the open market, as the population of prospective buyers has been reduced from hundreds of people to the handful of buyers that the sales agent knows.
3. Thinking of it as their house during the selling process.
Once the homeowner decides to sell, they need to view the house as an asset rather than a home. That means viewing it the way someone else will and making changes accordingly.
That garish color scheme may have been cool when your kids were young, but it will turn off prospective buyers. Paint over it.
The gallery of your family pictures makes it difficult for a prospective buyer to see themself living here. Remove them.
That clutter may be to your taste and everything in it may have sentimental value, but not to the people who are looking for a place to call home. Empty the house of anything that isn’t required.
4. Waiting for the inspection before making fixes.
Items that are raised in an inspection often have to be fixed by a professional to ensure that they are done correctly. The same fix can be undertaken by the homeowner at far lower cost if it is done before the inspection.
Buyers don’t want headaches. By doing a lot of jobs before the house is shown, you will make the house attractive to a wider range of buyers and potentially get back multiple times your investment. You may have been happy to live with the issue, but the buyers can use it to negotiate on price.
5. Using the amount you paid for the house as a guide to its value.
If you paid $200K for a house thirty years ago, you are not necessarily doing well if you sell if for $400K today. The house may be worth much more. Speak to a realtor to get an idea of its current value.
6. Thinking that your house is the same as or better than your neighbor’s.
Every house is different and the market values different things at different times. Things like the orientation of the house can have a significant impact on its sales value. Just because your neighbor’s house sold for a certain amount does not mean that yours will sell for the same.
Expensive upgrades may make your home easier to sell, particularly if they are done in good taste, but they don’t always lead to a higher value. Buyers want a kitchen and bathrooms that are fresh and stylish, but won’t pay extra for an unusual slab of marble or a fancy bathtub.