Owning a home comes with strong emotional attachments and the decision to sell may not be as easy for some home sellers. A home is one of the greatest financial investment decisions that most people make and there are many reasons to feel anxious when selling. The fear, stress, and financial implications before, during and after closing can affect real estate negotiations. In this post, we examine what seller’s remorse is and how you can prevent it.
What is seller’s remorse?
Seller’s remorse refers to an emotional response that people feel when they regret selling an asset. This feeling is most common when one sells a significant asset such as a car, home, or business.
To overcome this fear, preparing in advance before listing your asset may help. By doing so, you may avoid a delayed process or contract termination which can have both legal and financial consequences.
The following are some practical tips on how to overcome home seller’s remorse.
Learn how to handle emotions before you even list.
The majority of home sellers who experience seller’s remorse are those who don’t invest their time to reflect on what will happen after the home closes. Apart from focusing on higher prices and selling fast, it’s very prudent to also focus on emotional attachment.
One of the considerations that can help you detach emotionally from your house is by focusing on why you are selling, existing house defects, and your future plans. Take your time to digest all these issues and avoid unsolicited advice that could steer you in another direction.
Thoughtfully internalizing all the facts may help you overcome the fear of listing your home and may make the decision to sell easier.
Understand the real estate market.
The real estate market has two different seasons; the buyer’s market and seller’s market. For a first-time home seller, they may get emotional when they list their home for sale at certain times, only to realize that they could have profited more if they would have waited a little longer.
When you sell your house through a real estate agent, they should offer advice around the best time to list your home. They should also provide you with crucial information about property prices and market trends for similar properties.
Your real estate agent should also negotiate the details surrounding the condition of the home, etc. with the home buyer or through their agent and work on your behalf to command the highest price possible without associating any emotional attachment to your house.
Remember that the price for homes and other properties is dictated by market forces. A real estate agent can help you with a comparative market analysis. Understanding your market will instill confidence and help you determine the best time to sell.
Have a moving plan.
Before you list your home, ensure that you have a concrete moving plan in place. It’s impossible to predict how long the property will remain on the market. You may get same-day offers and close your home within 7-30 days or it could be months before you get a substantial offer.
With a moving plan in place, you will be ready for the next steps to accommodate a quick sale. You may even want to consider having a temporary housing plan such as renting before making a permanent move to your new dwelling.
Focus on your future goals.
Once you close a home, shift your attention to your future goals. By focusing on your next course of action, you will think less about your recent home sale. This strategy will help you move on quickly and avoid feeling like you made a mistake.
Having a thoughtful plan in place and focusing on your future goals will help you overcome home seller’s remorse and look forward to other home buying and selling opportunities.