You should sever emotional ties with your home the moment you decide that “sell my house” in Australia is your top goal. This is easier said than done though in a for sale by owner deal. It also depends on how much time you’ve spent building a life on the house. It’s understandable, especially if your home is etched as the backdrop of treasured memories. Do remember the day you moved in? Let the nostalgia sweep over you, let it sink in, take your time.
Okay, now here comes the rude awakening: you’re selling the house for money. The thought can be repulsive and unromantic, but it is your goal at the end of the day. It’s also worth noting your emotions get in the way of a good offer, if your attachment to the house compromises good judgment. Here are five emotional decisions that ruin your chances of closing on a sale.
Mistake #1 You don’t want to consider a price cut
Your house is the best option on the for sale by owner market, and for good reason. You may have invested on the renovations, or it’s located in a good neighbourhood, less than an hour’s drive away from the area’s hot spots. The price you’ve set should be justified, right?
The truth is you can never really tell what the market is thinking. But if there’s one thing that would catch buyers’ attention in a no agent property deal, it’s the price tag. One of the consequences of refusing to compromise is waiting for an offer that might not come around. If your house is on the listing long enough to be ignored, you’ll renew interest on the property by lowering the asking price.
Mistake # 2 Nostalgia gets in the way when you’re thinking “sell my house”
When your house is home to decades of memories, letting go can be a serious drag. If you know the house from the inside out, every nook and cranny, all its quirks and flaws, dwelling on these memories can affect your decisions when it’s time to sell.
You have to accept the house is just another property to sell, which means your decisions shouldn’t be based on your experience with the place. Nostalgia can affect pricing, staging, negotiations, feedback, and closing, so you should keep your emotions in check and let your brain call the shots.
Mistake # 3 Celebrating the sale even before it closes
This is bad judgment at the outset, since you’re counting chickens before the eggs hatch. If you’re able to score a deal that’s as good as done, wait until the sale closes before you plan the aftermath.
You can botch a good deal in tragic ways when you don’t approach your goal of “sell my house” smartly. You might forego renovations you planned beforehand, spend your expected proceeds before the buyer’s loan confirms on the sale. You can also try to negotiate a higher price, thinking the buyer is interested enough to consider.
Choose to think the for sale by owner deal isn’t a sure thing until all the paperwork is finished; in the meantime, make sure you have all bases covered if case the deal falls through.
Mistake #4 Failing to read the local real estate market
You have to consider your no agent property in perspective. Who are your target buyers, and what does your house have that appeals to them? For instance, does it have plenty of open space, friendly to pets and children? Buyers also value the property’s proximity to schools, hospitals, shopping centres, transport terminals.
It’s better you’re particular with the pitch details, especially on the listing. You may cover all demographics with a broad-sweep listing, but you won’t please everybody with it. Maximize your house’s appeal and entice your target buyers with pitches they want to read.
Mistake #5 Basing price on what you need, not on the property’s fair market price
You’re looking forward to future prospects, even while your house is on sale. Is your property’s price grounded on how much you need to finance your plans? Do you want to pay for a trip abroad with the money you’ll gain from the sale?
You have to separate future costs with current needs. The housing market operates under conditions that are different from your criteria for worthwhile investments. Let future plans simmer in the back burner for now, and ensure your for sale by owner property is priced competitively. Either that or you’ll have to postpone plans indefinitely because you’re having trouble closing on deals.
Focus on the here and now and your goal of “sell my house” with razor sharp accuracy. Keep your prospects grounded. Sell your home free from attachments; you’ll realize it’s not yours to keep sooner or later. On the flip side, closing on the sale will help you move on and the sooner the better.
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