Wearing your house on your sleeve

Buying or selling a home may be the biggest financial transaction an individual will make in his or her lifetime. Even though it’s business, the challenge often has to do with managing the emotions. While sellers want top dollar, buyers want top value, meaning they will almost always negotiate price. If you’re a homeowner who wants and needs to sell, there are some recurring issues that can become obstacles. Here’s how to mitigate them.

Overpricing the property — To a seller, the home is invaluable. It’s not really possible to put a price tag on the domicile that has offered many intangible benefits. But quantify you must. Researching the price points of other homes in the area and recent sales history is key. A serious seller will want to consult with a savvy real estate professional who can conduct a comparative market analysis, market the property, and help negotiate.

Saying no to an early bid just because it’s early — A seller may feel that such an offer, submitted within the first two weeks, signals that the property was under-priced from the get-go. Avoid this scenario by pricing the home at what the market will support. Of course, you may have other considerations — a small window to sell due to relocation or finances — so adjust accordingly. If the offer is fair, “waiting for a better offer is counterproductive and can result in a property languishing,” says Nick Jabbour, a New York City real estate agent and vice president of Nest Seekers International.

Posting photos that push rather than pull — Potential buyers almost always review photos online before setting up an appointment. If you’re not a professional photographer, hire one. This is one place where skimping can cause buyers to shut the door before they take a real visit. SmartMoney suggests that shoppers want to see many facets of the house. Pictures of the kitchen, bathrooms, and outdoor spaces should be included.

Taking offense at low bids — Remember that what’s highly personal to you is business to others. Rather than reacting out of offense, analyze the bids using hard and fast data. If they are truly below market value, you can sit tight knowing that the right buyer is in the wings.

In any market, the process of selling a home can feel like an emotional roller coaster. Keep the end goal in mind — being free to live how and where you want in the next phase of life — and the ride will end well.

Posted on April 19, 2013 at 9:34 pm
Renton, Inc. | Category: Buying/Selling Tips, Finance | Tagged , , ,