Market Smarts for Home Sellers

By
Real Estate Broker/Owner with Century 21 Turner Brokers

 

The surprising Way Home Sellers Unwittingly Sabotage Selling Their Home.

Faulty logic isn't the only thing leading home sellers astray these days. Emotions, too, play a key role in keeping the "For Sale" sign planted firmly in their yard.  And as much as most people would like to think of themselves as purely rational beings, when it comes to selling their home, this simply is not the case. And here's why...

Home ownership is at the heart of the American Dream...you home is your castle. And it's filled with cherished memories of inestimable worth.

Your home is also a huge chunk of your financial wealth. If you like your home, it has features that made it especially attractive to you at the time of purchase. And you've probably spent untold time and effort getting it just right-not to mentioned your expense.

Overestimating value becomes easy...

Understandably, such an investment makes it easy for you to overestimate the value your personal upgrades will have for buyers. Consider, for example, a seller who builds a wood entertainment center in the family room exactly the way she wants it...the wood color, the design-both are what she wants. And it's the exact size for her TV. Maybe it cost her $10,000.00.  As a seller, she may think, "well, I should at least get the 10,000 plus the buyers wont have to go through the weeks of mess it took to build it and it makes the house so much more livable, they really should pay me 15,000 for it,"

Fast forward to a showing: a buyer comes in, sees the entertainment center and says, "Gee, that's nice... too bad they didn't use a lighter wood (or darker wood). That's a real negative to me.  I may have to tear it out."  or it doesn't fit their TV, or the design is too contemporary, etc.

Nor does emotional value translate to monetary value...

The line between emotional value and real monetary value can easily become blurred once you decide to sell. For instance, a seller who lives next to a school might say, "I love living right by the school." And some people may pay a little extra for that, but for the just as many people, being next to a school is a huge disadvantage because they imagine the noise, the traffic and people in their yard.

So you may be surprised to discover that for every advantage you see in your home, buyers can see a disadvantage. Right about now, an objective viewpoint becomes crucial because...

When it comes time to put a price tag on the"brick and mortar" structure that's safeguarded your very life and the lives of those you love, rational reasoning usually takes a hike...


CHAUTAUQUA LAKE REAL ESTATE

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