Selling Your House: Disconnect Yourself

If you have experience dealing with real estate agents you've probably noticed if you're looking to purchase properties are often referred to as "homes." And if you're looking to sell your property is often referred to as a "house." There's a very good reason for this.

Homes are very personal and emotional things. Most people spend a lot of time in them. They're our refuge from a tough day at work or a stressful season. As such buying and selling them is often a very personalized and emotional experience.

Selling is a lot tougher than buying. Why? You’ve invested a lot into your house. Whether they're additions, upgrades or fond memories you're going to naturally and understandably have a lot of sentimental value attached to it.

When preparing to sell it's very important to detach from these emotions as much as possible. These emotions may cloud judgment and may prevent an otherwise great property from selling. How?

• By looking too much like a stranger’s home: When preparing your property for the showings that will invariably come it's important to anonomize as much as possible. A property that looks like it belongs to you and only you will be harder for a buyer to imagine as their own.

• By giving unrealistic expectations: The market isn't set by any one individual. As such it changes constantly. Sentimentality isn't a price determining factor, the supply of competing homes on the market is. A property priced with sentiment in mind will likely stay on the market longer simply because it's being undercut by the competition.

• By hampering negotiations: A potential buyer may find a particular property to be really worth $20,000 less than asking price. It's very easy to become defensive when the value of your home is under question. But the potential buyer isn't looking for a fight and they're not concerned with all the great times you've had by the pool or in the dining room. They're concerned with how much their monthly payments are going to be.
  
  This can make negotiation a combative process. This only serves to drive away buyers, cause stress and make interested parties less likely to meet you half way on a concession. All of these will keep your property on the market longer.
  

Sometimes it's easy to disconnect from a property. Other times it's extremely difficult to let go. It's always a good idea to distance yourself from the emotions associated with a property in the end of things, though. It’ll aid you in making an intelligent, well informed decision when it comes to it.