It’s natural to become emotionally attached to your house after living there for years. Prospective buyers won’t see your house the way you do. They will view it as a potential financial investment. Looking at the sale of your home as a business transaction can help you stay level-headed as you go through the process.
You Need to Set a Reasonable Price
Sellers often allow their emotions and memories to influence them when setting a price, which causes them to ask for more than their house is worth in the current market. If you price your home too high, it will likely fail to attract a buyer. You will be able to lower the price later, but the house probably won’t garner as much attention as brand-new listings. Asking for too much money can delay the whole process and may complicate things if you need or want to move by a specific date.
You Have to Be Open to Feedback
You may think your house is perfect, but a home inspector will probably uncover several problems, which may range from minor to serious. You may believe that some of your home’s characteristics give it charm or character, but prospective buyers may see them as flaws that need to be fixed, or they may simply decide to walk away. For instance, bold paint colors that appeal to you may be an instant turn-off for potential buyers. You will be wise to heed your real estate agent’s advice when it comes to preparing and staging your home before you sell.
You Need to Be Willing to Negotiate
A buyer may make an offer that’s less than your asking price. If you allow emotion to affect you, you may be offended by the bid and may immediately reject it.
Take a step back and look at the offer objectively. The buyer may have made a low bid because the house needs repairs or doesn’t have features that comparable homes in the area have. The buyer may be able to pay cash or close quickly, which can speed up the process. If so, that may make a low offer seem more attractive.
The buyer may be willing to pay more than the amount offered. The bid may be intended to serve as a starting point for negotiations. You may be able to make a counteroffer and sell the house for a price closer to what you asked. Your real estate agent can help you evaluate an offer, tell you if it’s reasonable and give you advice on how to negotiate.