As you show your home and receive offers to purchase, you will get some interesting feedback. Sometimes this feedback can feel personal. But will you let your personal feelings impact your ultimate goal of selling your home? Will your emotions affect your decision today and have a negative impact on your future?
The way you handle your emotions will have an effect on the way you sell your home.
There are a few reasons that reasonable offers do not get accepted. One is that the offer comes in early. You can read about handling that one by clicking here.
Another reason is all about emotions, which you can read about below.
The following article may feel cold. Maybe even robotic. I don’t want readers to think that I am not empathetic to their situation. In the last decade, I have personally bought or sold eight properties for myself. This does not count the number of transactions I have been through with clients. I understand what it is like to be on both sides of the transaction. While taking out the emotion is tough, I believe it is an important part of maximizing the value of your home.
Separating today from tomorrow
If you have great memories or long-standing traditions, it can be sad to leave your home behind. Loving your home and having an emotional connection is very natural. And it proves that your home will be the next great place for a similar owner.
But the next owner of your home is not concerned with your memories or how you used your rooms. Their concern is with their own needs and future memories.
The effect of emotional attachment can come in different forms. The impact of this attachment can be negative.
Here are two quick examples
Example 1: A seller receives a fair offer that is under their asking price. However, they let their emotions convince them that the home is worth more. Though market information tells them is a good offer, they refuse to negotiate out of principle.
Example 2: A buyer and seller agree on a sales price. After the inspection, the buyers request various fixes or compensation. Even though the requests are reasonable, the seller takes the requests personally.
Sellers must find a way to detach themselves from the transaction.
How to detach?
Separating the business and emotions of selling your home isn’t easy. If you’ve built a life in a home, letting go is a big ask. But if you want the transaction to move smoothly and get the most money, you cannot let your emotions drive your decisions.
Try and view the home from one of several buyers’ perspectives. How would a new family view your home? What about an established family or empty nesters? How do you think a number driven investor would see your home? The reality is that the perfect buyer may not have the same perspective as you do. This is ok!
Another way to separate yourself is to start focusing on the next chapter of your life. Even though you are leaving this home, you will be moving on to another place to live. If you put your thoughts into your future, it will help you move on from your past.
Still having trouble? Take yourself out of the equation for a moment. Ask an unbiased party that you trust to look over your price, CMA and / or offer.
What really matters
When you sell your home, it is important to be comfortable with the deal you are making. Though the deal will feel personal, let yourself make unemotional decisions. When you find a way to do that, the transaction is going to be smoother and much more enjoyable.