There’s no doubt that the current economic climate can be rough for homeowners looking to sell, with there still being lots of competition from foreclosures from the housing crisis. The low interest rates and budding economic recovery can give sellers a chance to get their house sold, but it’s not easy with the emotions and stress of selling the place where you live. Thankfully, Eve Becker on the Equifax Finance Blog has some sound advice when it comes to making home sales less emotional in her article, “When Selling a Home, End the Emotional Ties.”
One of the first things the article points out is that the feelings are natural, and the process can be much more emotional than you might think. A couple things the article recommends to face early are:
The status quo bias is the idea that it is easier to do nothing than something, and the same bias that leads sellers to think that if they wait just a little longer the perfect buyer will show up and pay full price. In the highly competitive market, home sellers will have to be willing to make changes. An easy way to address this is to set up scheduled check-ups with your Realtor to see what you can do to increase traffic and get more exposure to buyers.
Another behavior to overcome is the endowment effect, which means sellers place a higher cost on what they own rather than a comparable product. This often creates roadblocks in sellers’ minds when it comes to the worth of comparable homes. A way to face this is to frequently check for similar homes and have an honest comparison between features and prices, and then adjust your own price accordingly.
The full article has more about how to psychologically prepare yourself for selling your home in this market. Check it out, as well as sage advice when it comes to real estate, credit, retirement, insurance and more on the Equifax Finance Blog.
Another super post from Atlanta Real Estate Forum