Many sellers have a hard time divorcing themselves from their homes when they put them on the market. It's critical for the success of the transaction that the seller no longer sees the house as their home but instead sees it as a business deal.
I have heard several stories lately of people who have their homes listed and have received good offers but have turned them down. When asked why, they say things about not being sure the buyer could afford the home, or they were "insulted" by the offer.
As a seller i its important to remember that many times the first offer is the best offer. This is especially true in this market. Even if an offer seems unreasonable initially, it is better to counter and attempt to negotiate rather than reject it out-right. The buyer does not care that you and Uncle Phil spent countless hours redoing the kitchen and the bathroom. What today's buyers care about is that they feel as though they are getting a good deal.
Before you put your house on the market be certain that you understand why you are selling and that your expectations are realistic. What your neighbor sold his home for 2 years ago is no longer valid in today's market.
Some important tips for sellers:
- Be realistic about your price. Listen to your agent when they make recommendations about a listing price.
- Begin the process of detaching yourself from your home by packing up some of your emotional and sentimental items.
- Be open-minded about all offers that are received.
- Don't try to control too many aspects of the negotiation.
- Don't lose a deal over insignificant stuff (don't lose a $400,000 sale because you don't want to make $500 in repairs).
The most important tip:
Make sure you really want to sell. If you don't actually want to sell then no offer will be right and you will simply be wasting time, energy, and money listing your home.
Dr. Stacey-Ann Baugh
Long & Foster Real Estate
www.staceybaugh.com
staceyannbaugh@gmail.com
240-481-3565 (C)
301-924-1100 (O)
FINALLY! A DOCTOR WHO MAKES HOUSE-CALLS!
Good advice, Stacey. Building in some flexibility and understanding of the negotiation process avoids the reaction to being "insulted".
I dont know where the insulted seller comes from now. They certainly are the same people that watch the news and should know what to expect.
Hi Stacey-Ann. Good list for our sellers - I think some are having a difficult time in the present market.
GOOD points!
[or they were "insulted" by the offer.]
Yep. Sellers get self esteem issues about their homes--in both directions. I sold an awesome house a few years ago that the sellers tried to FSBO, then went thru 3 listing agents before me. 3 years total on market.
We brought them a heavenly deal but they cried about the 'concessions' which were minimal.
The deal closed in 30 days and the sellers kept bitching and moaning about the buyer because it wasn't 10 days (it was a 60 or sooner deal).
They told me one day "We are SOO MAD at the buyer"
I asked them "What did he ever do to you except put half a million bucks into your pocket!"
Then they were mad at me ;)
Bob - flexibility is the key
Chuck - you would think anyone watching the news would just be grateful for an offer
Mary - many sellers are struggling to adjust to this market
Candice - I laughed out loud at this. Are they still mad?
Probably. ;) And they've been gone for 4 years now . . . HAHA
Candice - Oh well. They probably needed to hear it, though.
Hi Stacey-Ann
Good suggestions.
Before I was in the Real Estate business I was one of those people who was very attached to my home, its where I raised my children, grew my garden, ect.. Now I go out of my way to get the seller to look at their house through the eyes of the buyer and detach themselves from it. Notice the difference, House - Home. And your right, the first offer is usually the best.
Lois - it can be really difficult to make the emotional switch from home to house