Seller's State of Mind3/18/2019
So, you’ve decided it’s time to sell your home. Having done the research, you’ve correctly concluded that although the market is stabilizing, you can still command a very good price. With interest rates lower than they were even just one year ago the buyer pool remains healthy. You’re thankful that you have a little time to sell, yet you’re in a transition and would like to begin receiving offers as quickly as possible. You also recognize that even in this market, you must make sure your home stands out above the rest because buyers have choices, including building something brand new. You’ve decided the time to sell is now. Now what?
It starts with your thinking. There are countless resources available to guide you through the process of selling the home. Whether you hire a full-service Realtor, go the do-it-yourself route, or choose something in between, you have to first develop what I’ll call, a “seller’s state of mind.”
Remember when you walked through your home for the first time? You saw something in it that sparked a vision, stirring up ideas about how you could furnish it or improve it, and transform it from being just a house into becoming your dream home. But, now it’s time to sell. Doesn’t it make sense to give a prospective buyer the same opportunity you had? Making the mental and emotional adjustment to see your home like a buyer needs to be able to see it will give you the greatest chance for success.
As a long-time, former owner and operator of a local retail franchise, I was encouraged to take a fresh look at my business through a customer’s eyes on a regular basis. I would often walk through the front door after running an errand or picking up lunch, and notice things I had been overlooking for weeks that were clearly a hindrance to our customers’ experience and needed to be changed. As a home seller, you have to cultivate this same mindset and be willing to make the changes necessary to transform your home back into the house that would be appealing to someone entering it for the first time.
Even though your home holds many memories of raising children, celebrating with family and friends and enjoying intimate evenings sitting on the porch, you have to let those go. Detach yourself from the emotional value you’ve placed on your home and begin to think of it as a commodity, so you will be more willing to make the decisions necessary to ward off buyer reluctance. Be open to the counsel you’re receiving to best prepare, price and market your house for sale. And, remember, as hard as it is to accept, a buyer does not really care about the financial and emotional sacrifices you made, and will not typically offer a price based on how much you may still owe on a mortgage.
It really boils down to this. To achieve a seller’s state of mind you really have to put on buyer’s hat!