7 Avoidable Mistakes Emotional Sellers Make | Wilmington NC Real Estate

Let’s face it — the decision to sell a Wilmington NC real estate home is often not an easy one. It means accepting the idea that the marketplace will determine the value of what’s probably your largest asset. It means allowing strangers to critique your home-improvement and décor decisions. And it means leaving behind memories and relationships that are closely tied to your home.

Once you’ve decided to sell your home, however, it’s time to put emotions aside. Letting your emotions stay in control could leave you making reflexive, hasty decisions that aren’t financially sound. Selling your home is simply a business transaction, and that’s what you need to focus on.

Keep reading to learn how you can avoid 7 common emotion-charged mistakes that could cost you time, money and unnecessary stress.

MISTAKE #1: Waiting for a better offer. Hindsight is 20/20, and experienced home sellers know the first offer is often the best — possibly only — offer they’ll get. Don’t let pride get in the way of treating that first offer carefully, weighing it against the carrying costs and inconvenience of holding out for a better deal. With an offer in hand, you can negotiate to a better deal and move toward your goal — selling your home.

MISTAKE #2: Not relying on professional help. Selling a home in today’s market is complex, litigious and taxing. When you work with real estate professionals, you know that we are there to dot every “i” and cross every “t” for you. When we take care of the details, you can focus on the plans you have for after your home is sold!

MISTAKE #3: Forgetting to focus on the future. Sellers tend to be tied to their home since it’s been the center of their lives. However, with a business-like focus on future plans, sellers can pack up emotions and memories with their belongings, knowing the home must be sold to move forward.

MISTAKE #4: Overpricing. Some sellers attempt to add up every last cent they put into their home and fabricate their listing price so as to get it all back. However, your home is only worth what a buyer is willing to pay for it in today’s market — especially when compared to other homes in the area. Buyers don’t care about your profit or loss on the home; they care about getting a reasonable deal in the current market. Overpricing won’t sell your home, but it will cost you added time until you have to lower the price closer to or even below market value to re-spark buyer attention.

MISTAKE #5: Hovering. It’s imperative that sellers get out of the home for all showings so buyers can relax and view the entire home. Also, sellers who overhear buyers’ comments may unfairly develop negative feelings toward the buyers, which could affect negotiations.

It’s not about you. It’s about selling a product.

MISTAKE #6: Taking offers personally. When buyers make an offer on a home, they are looking to buy a commodity — a set of features they hope will turn into a home for themselves. Offers are not a comment on your upkeep of the home, your style or you. Step back. Look at all offers as a simple business transaction. Buyers are looking for the best price and may list every problem they see in the hopes of justifying a discount. This level of interest can work to your advantage though, as it indicates the buyer is motivated. Sometimes swapping a conveyance or closing date can smooth the deal on another low-cost issue.

MISTAKE #7: Encouraging a bidding war. Nothing is giddier than multiple buyers offering competing bids on your property, but beware of getting greedy. If a buyer bids far more than the property is worth, that same buyer may not be able to close the deal should the appraisal come in lower than the contract price. Either the deal falls through, you and the buyer renegotiate the price or the buyer must increase the down payment to compensate for overbidding (less likely). Just be aware that a “too high” contract price can backfire.

To view all Wilmington NC real estate and more seller advice please visit www.cbbaker.com

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