When selling your home, it’s natural to feel nostalgic and even upset at times. However, to ensure you get a fair offer and a fast path to closing, it’s important to remain as emotionally detached as possible. Here are five emotional mistakes every homeowner should avoid when selling a home in Minnesota or western Wisconsin.
Mistake one: Not recognizing your home’s imperfections
The first step to emotionally detaching from your home is recognizing that your home isn’t perfect. Just as you’ll be showing off your home’s best features in order to draw in a higher offer, buyers and their agents may focus on the property’s flaws in order to get a better deal. Remember that this isn’t a personal attack — you are just on opposite sides of a business transaction.
Prior to listing your home, talk with your agent about the property features that could bring your value down and determine if they are worth fixing. That way, you won’t be surprised when a buyer comes back with a contingency or lower bid.
Mistake two: Not prepping for showings
To appeal to most buyers, it’s critical that your home be free of clutter, and staged to show off its best features. Additionally, your home should be spotless any time you leave the house so you can accept last-minute showings without rushing home to wash the dishes or make the bed.
If your home has been on the market awhile, it’s common to become apathetic to showings. You may start to think, “I have to live in this house and it’s just not possible for it to be sparkling clean at every minute. If a buyer doesn’t understand that, that’s their problem!” The reality is that when a home is sparkling clean, it shows the pride the seller has in the house. By showing off your home’s best assets every time you have a showing request, you’ll be showing each buyer that your home is worth its listing price.
Mistake three: Staying in the house during showings
While you may be curious about potential buyers, you should not remain in your home during showings or open houses. Buyers need to be able to freely look at each room of the home and share feedback with their family, friends or agent. By remaining in your home, you could stifle the buyer’s interest in your home.
Mistake four: Refusing early bids
If you get an offer within the first few days on the market, you may believe you have priced your home too low. While this is an understandable reaction, the reality is that buyers are much more eager to look at (and make offers on) homes that have just entered the market. It’s proven that homes receive the most interest — both in terms of showings and offers — in the first two weeks after they are listed on the MLS.
On the other hand, homes that remain on the market for extended periods of time are often less appealing to buyers, who may believe that something is wrong with them. If you get an early offer on a house, be sure not to take it the wrong way. Together with your REALTOR®, you can determine what the offer means, and if you should hold out for more competing offers or accept this fast path to the closing table.
Mistake five: Expecting more than your home is worth
Perhaps the most common emotional seller mistake is to have a price in mind before you’ve consulted with an agent. Your home’s value is not what you hope to earn at closing, it is what a buyer is willing to pay for it in today’s market. The good news is that home prices have been on the rise for more than three years in our local market, so many sellers are finding it’s an advantageous time to sell.
By working with an agent to look at comparable recent sales in your area, your home’s condition and buyer demand in your area, you can come up with a fair but competitive price. At that time, you can determine if you’re ready to sell or if you’d like to wait a bit longer.
Ready to see what your home is worth in today’s market?
We have local specialists in every neighborhood across Minnesota and western Wisconsin who would love to help you determine a price and selling strategy for your home. Call, chat or email us today to get connected with a REALTOR in your area.
You can also download "The Ultimate Guide to Selling Your Home" to find out everything you've ever wanted to know about the selling process, but didn't know to ask.
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