How to Overcome Typical Home Seller Fears
Selling a home is scary for most people. It’s an enormous financial transaction, with all sorts of potential financial, emotional and practical implications. Here’s how to get beyond some of the most common home seller fears.
Fear no. 1: No one will buy your home
The no. 1 fear for most sellers is that their home will sit on the market. And sit. And sit. The fear is particularly strong if you need the money from your current home in order to buy another one or to relocate quickly for a job or other reason. Truth is, for the right price, and in the right condition, any home will sell. It just depends on local market conditions. Combat this fear by finding a real estate agent early—even a year before you think you’ll be selling, if possible. Plan ahead. And understand that it can take six to nine months in some markets before an offer comes in.
Fear no. 2: Your home will need a lot of work before it can sell
Many sellers worry that their home will need a lot of work in order to attract buyers. Sometimes they’re right, but not always. You shouldn’t be afraid of this, however, and here’s why: The ultimate sale price of your home directly corresponds to its condition. The more time and money you spend prepping your home for sale, the more money you stand to get in return. In other words, think of the money you may need to spend on improvements as an investment into your home’s final sale price. Ask for real estate agent for help, too. Good agents act as project managers for getting your home in shape for maximum market value.
Fear no. 3: Your home won’t sell in time
Sometimes, you need to sell your home because of a big life event, such as a job transfer, death in the family or divorce. In these situations, there’s often a ticking clock, a date by which you need to sell. The fear your home won’t be sold by that date is another common fear. To maximize the chances your home will sell by a certain deadline, price it at or below the most recent comparable sales. Buyers today look for value and will swarm around a well-priced home. It’s even better if you can spruce up your home quickly. In some markets, attractively priced homes in good condition and in good locations receive multiple offers.
Fear no. 4: Your agent wants to low-ball your home’s price
Your real estate agent’s pricing strategy should be completely transparent to you, and you should come up with a pricing plan together. If you don’t trust your agent’s judgment on price, or you feel you two can’t agree on strategy, keep looking for another agent. However, if you don’t agree with the agent’s price but you hear the same number from other agents, you may need to adjust your thinking.
Fear no. 5: Your privacy will be invaded
Having strangers in your home isn’t a desirable experience for many people. A of mine completely broke down when she came home to find ten people mulling around after the open house was over. To minimize your fear of feeling ‘exposed,’ remove all personal belongings such as photos and diplomas. Put all small, expensive items in a safe.
Depersonalizing your home is a good idea anyway, because you want potential buyers to imagine themselves in the home—not the current owner—as they tour your property. Some opt to move out entirely and have the home staged, so they don’t have to deal with this.
