Selling property – even your beloved family home – is a financial transaction. But some homeowners can’t remove the emotions they have for their home when it’s time to set a price or negotiate with buyers.
I’ll give you an example. An acquaintance of mine inherited his childhood home when his mother died about a year ago. He set an inflated price to sell the property – 5-10% higher than comparable homes – because anything less would be “an insult” to his mother’s memory. The house initially generated considerable interest from buyers, but my acquaintance wouldn’t lower his asking price or listen to requests for concessions for updates and repairs.
It’s been nine months since the house went on the market, and it’s finally under contract. I’m not sure what price he accepted, but I know my acquaintance ended up spending thousands of dollars on those upgrades and repairs – plus money for nine months’ worth of utilities, lawn service, and property taxes.
You don’t need to be devoid of emotion to sell a house, but you do need to rely on objective criteria rather than your feelings. Don’t be the reason your home sits on the market. Contact a Texas REALTOR® for a true picture of what your home is worth and advice on how to market your property.
Article provided by: Ward Lowe | Consumer columnist