No matter how clear one's goals when buying or seller a property, decision making often becomes emotionally and sometimes irrationally driven when negotiating high-end purchases. This is not bad, mind you, just a proven fact on how the human mind works when analyzing what most people regard as a critically important decision and purchase.
Marvelously symbiotic is the truth that buyers and sellers need each other. One cannot achieve his or her goal without the other. The best way to reach a satisfying sale is to remove any potential misunderstandings or distrust between the buyer and seller with clear and timely communication.
An article in September's Realtor Magazine states that sellers should understand that buyers become attached to a residence the moment the offer is put in writing. Research shows buyers go so far as to believe the home is already theirs. They place furniture, allocate bedrooms to family members, and call in trusted advisors to take a look. Knowing this fact should help alleviate the seller's concern that a buyer will "walk" from a deal and to continue negotiating with confidence.
Conversely, buyers tend to "stall" on moving forward because they become paralyzed on the notion that prices will continue to drop. When buyers realize there is no real answer to, When would be the right time to buy?, they become more comfortable in continuing the transaction because they are looking for a new home now.
Analysts have discovered homeowners hold an irrational fear of losing the market value of their home over a loss in their stock portfolios. Why? Homeowners consider their home as an extension of themselves. Loss in a stock portfolio is painful, but it is less personal. Sellers should not dwell on a past, possible purchase price, but consider the profit they will make in their current transaction. This positive approach to home selling continues a positive forward momentum, which everyone wants in their lives.
The final psychological affect common in the home-buying process is the emotional reaction that buyers experience at the real estate closing. No matter how happy the parties may be, many times a wave of temporary anxiety will swamp the buyer as soon as the paperwork has been signed. Sellers are usually less affected because they've already detached from the property---unless they were forced to sell, but buyers should be aware of these emotional triggers, so that when they hit, they can treat their uncomfortable reaction with humor and understanding.
I present this information with the belief that an educated consumer, even on emotional issues, is a satisfied consumer. Please visit www.LuxuryRealEstateFtL.com to view my luxury portfolio. Call 954.328.3665 or email Julie@premierestateproperties.com for more information.
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