Of course we all have hang-ups. But when going through the emotional ordeal of putting their home on the market, we have observed that sellers can develop sale-affecting hang-ups that can affect their ability to maximize their return. Below are seven common ones and their symptoms.
1. Price-aphobia:
The fear that a property will sell for less than a premium price. Price and greed combine to form a drug like addiction to unrealistic expectations. Only buyers determine true market value. When selling sellers should use all resources and analysis to make the best attempt to list at a price that will receive the most favorable attention by buyers and then review and adjust their pricing every few weeks with the goal for reaching the buyer sweet spot for maximum seller return on investment in the shortest period of time. For sellers often times the enemy of good…is better.
2. Shag-itis
Sellers must understand that certain home decorating trends are not coming back Despite that they love that sea shell wallpaper in the master bath or that shag carpet in the game room has been barely walked on. These areas need to be evaluated and redone.
3. Pet Addictions:
Not everyone loves seller’s pets as much as they do. No matter how adorable “Precious” is, pets almost always have a negative affect on showings and value. This can equate often to 3-5% of value. Often times “Precious” becomes a $10-$15K+ kitten.
4. Photo-mania:
Dozens of family photos can distract a buyer’s attention from the property. While it is nice to show how “homey” a house can be, the buyer needs to imagine their life in this house, not the sellers. Sellers need to understand they are not “selling a home”, but now marketing a commodity to the broadest range of buyers. Oftentimes buyers curiosity is draw to a small family photo with comments like, “Look how cute those little kids are!” While missing the Brazilian hardwoods and canyon views.
5. Pack Rat Plague
The Little Angel doll collections and shrine to World War II paraphernalia need to be packed away. While they may be sentimental to the seller, they are yet another distraction to the buyer. In addition, buyer and buyers children will often pick-up, handle and damage items.
6. “As-Is” ism
The seller thought process of “The Buyer can take it or leave it” in regards to stained carpet, defects or repairs is flawed. 90% of the times that is exactly what buyers do….”leave it”. Buyers often construe the smallest defects as heralds of huge problems, i.e. a broken door bell is a sign of giant electrical problems or worse a reflection on the sellers poor ongoing maintenance of the home.
7. Audio Selectivism:
Sometimes, the Seller just hears what they want to hear. “The buyer must be confused.” “The appraiser was in a bad mood, or he just didn’t like us.” “My neighbor said I wasn’t asking enough.” The most important data the seller has at their dispose is comparative market analysis of recently sold similar homes from a competent real estate professional.