Selling a house is a lot of work. And often times emotions get in the way of a sale. However, you can overcome these emotions and often reading about them is just the ticket to letting them go. If you have a house that isn’t selling, read the following. Perhaps you are making one of the following mistakes – which are very easy to fix.
Fear of reducing the price. You put the house on the market, was certain there would be a bidding war and….. the house is still there. You were, no doubt, overconfident in your home’s prospects. A common mistake is becoming panicked that the house will never sell, or will only sell at an extremely low offer. There is a fear that if you lower the price, people will only bid it down more. NOT TRUE. If you lower the price to the “correct” price for the market, you might receive multiple offers and drive the price back up towards the original price.
Make sure you haven’t become terrified of a price reduction. Work with an agent to understand current market prices. No one is going to ask you to sell a house for less than it is worth.
You are too attached. We understand. Your kids learned to walk here. You have many Eids, Christmases, birthdays, etc.to remember in this house. Maybe this is your childhood home. It is also an asset to be sold and marketed accordingly. When sellers are too attached to a house they often do some or all of the following:
- Price it too high
- Ignore the market data (but this house is different, better, more special)
- Disregard an agent’s advice for staging or preparing a house for sale
- Unwilling to negotiate
Buyers are unaware of the emotional attachment you have for your house and it is not important to them. They are buying to create their own memories in. If you really want to sell the property, you must let go of the emotions.
Ignoring what the market wants. When a house is for sale, it needs to be marketed correctly. What are people today looking for? You might be attached to the garden, but its proximity to the new metro line might be the selling point. It is important to find out what buyers are looking for and to market your house to them. Not to convince them to like your house. Look at what makes your house stand out.