You’re likely familiar with buyer’s remorse. That feeling you bought something too expensive or unnecessary. And, this phenomenon exists in residential real estate. What most people don’t know about is home seller’s remorse. Yes, sellers too, can easily feel let down or even worse. Buyers have a number of advantages when it comes to avoid remorse. They can get out of a contract through the contingency clauses. Sellers, however, are in a different position.
What is Home Seller’s Remorse?
Home seller’s remorse is precisely what it sounds like. The disappointment with agreeing to a purchase price below asking. Or, feeling like it’s not the right time. It can also mean feeling guilty about letting go. More particularly, feeling the memories are slipping away for good and never to return.
“Selling your house can be scary: It’s been your home, where you’ve lived and made memories. Chances are good it’s your most important asset and your biggest investment so far. Wrestling with the emotional heft of putting your home on the market is a difficult byproduct of real estate — but once a closing date has been set, the hard work is done. Right? Actually, it’s not uncommon for sellers to feel pangs of regret when a buyer gets serious. If you’re feeling remorse for your soon-to-be-former home, don’t panic: You’re far from alone.” —House Logic.com
Sure, sentimentality is a real thing. And, it’s quite common for sellers to feel this way. However, it seller’s remorse or cold feet can ruin an otherwise viable transaction. What’s more, it can cause a property to gain a tainted reputation, making more difficult to sell.
How to Avoid Home Seller’s Remorse
If you plan on putting your home on the market, you’ve got to do more than clean it up and stake a sign in the front yard. You must be fully prepared for the dynamics of the process. In other words, be upfront and realistic with what you can expect and how you should conduct yourself. If you don’t, it could easily cost a deal to fall through. Even worse, put you in an undesirable condition. Here are some ways to avoid home seller’s remorse:
- Develop an actionable pricing strategy. Since most homeowners aren’t don’t work in residential real estate, they take a few bits of advice the wrong way. Some real estate pros advise home sellers to price their properties competitively so the market receives it well. This isn’t a trick, it’s a solid strategy. And, you need to work with your real estate pro to develop and follow a workable pricing strategy.
- Create a clear post-sale plan. In a hot residential real estate market, you should be fully prepared to receive good news. In other words, if you enter a seller’s market, be prepared to review more than one purchase offer. This way, if you get multiple offers, you won’t be overwhelmed. And, you can go ahead confidently because you have a plan of action.
- Be willing to negotiate with buyers. Just because you’re in a hot market and seemingly have the upper hand, don’t discount the power of negotiation or more particularly making certain concessions. When a good deal is presented, don’t try to turn it into the deal of the century because it will probably cause the buyers to walk.
- Get in-tune with the local housing market. Lastly, know the conditions of the local market. And, be careful with a wait-and-see approach. Use the experience of your real estate professional to your advantage when possible.
If you are considering buying or selling a home in Orlando, contact us for the latest market information. We’ll also provide you with the right advice about the local real estate market so you make the best decisions.