You decide it’s about time that you sell your current home.

You raised your family there. You remember the friends, the parties, the conversations, the memories. The truth is that when it comes to selling your home, it’s a financial decision AND an emotional one, too.

However, when it comes to cashing in on your most valuable asset, there are emotional pitfalls that you may want to avoid.

  1. Pricing your home for sale: The Realtor suggests a listing price—and you panic because you don’t think the listing price is high enough. After all, the improvements that you made were expensive and you think you should be able to recover 100 percent of the costs (especially the sweat and tears you put into it yourself). Work with your agent to understand the reason for the suggested listing price, how quickly you want to sell your home, and what would be your bottom line. 
     
  2. Being emotionally attached: This is where the “memories” may cloud your thinking. Your baby took her first steps. You carried your bride over the threshold. The holiday memories. However, here are some of the “emotional attachment” signs to look out for: 
    • a. You want to list the home for more money than the market data suggests
      b. You ignore your Realtor’s advice to update the décor or make minor improvements
      c. You become irrational during negotiations or terms of the contract
      d. You refuse to respond to requests in a timely manner
      e. You refuse to show your home in a timely manner
  3. Negotiating with your heart and not your head: This is the tricky part — especially if you receive multiple offers on your home. Some agents will write an offer and ask the buyer of the home to write an accompanying letter as to why you should sell them the home. Or, you may get an offer that is higher than the listing price — you are thrilled, but when you read the fine print, the buyers wants you to pay their closing costs— which nets you less money in the long run. Or, you accept the offer, and go out and buy a new car in “advance” of closing the deal.

While I totally understand the emotional attachment that you may have to your home, think about it this way—when you buy your next home, you’ll be making new memories, too!

Oh, and one last thing — before you accept ANY offer on your home, be sure to call me to be pre-approved beforehand because it could be a disaster if you sell your home — and are not able to be approved to buy another one.

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