Selling your home can be a challenge, especially if you are going to really miss your home, or have been there for a long time. Add to this the fact that you’ll more than likely not get what you would have only a couple years ago.
I was in this position only a few months back when I was selling a condo I’d owned for several years. I absolutely loved everything about this property, however life was taking me in a different direction so it was time to sell and move on.
I set my price based on what comparable properties were selling for two years ago as there weren’t many sales in the complex in the last year and a half. I was confident I’d have action as the tax credit was in full swing and I knew “First Time Home Buyers” were out in force!
Over the first two months I had a few showings and a few people through open houses but no offers. The tax credit was starting to wind down when I finally received a call from a fellow REALTOR with an offer! I excitedly scanned the purchase agreement and, I admit, was a bit disappointed at the offer price. I decided to sleep on it and make my decision in the morning.
As a REALTOR I’ve seen numerous sellers in this same position but this was the first time I was there myself. The shoe was on the other foot and it was a reality check to say the least. Several thoughts went through my head: Would I get another offer? Did I really want to rent out my property instead of selling it? If I did get another offer would it realistically be better?
I decided to take out all emotion out of the decision and think realistically through the process. Given the facts I had to work with I decided to counter the offer. The buyer countered back at a price I was willing to accept. We closed on the sale roughly a month ago.
I knew the buyer was concerned with the property appraising for the purchase price if they would have gone higher. I looked at recent comparables and, after swallowing hard, I guess I had to agree. This along with the fact that finding financing for these condos was only getting tougher made my decision easy when I looked at it from the buyers perspective! In hindsight I’m glad I made the decision I did.
Many sellers have a hard time looking at their home from an unbiased perspective – and you may too, since you have built many memories while living there.
So, are YOU looking at your home simply as the seller, or as a prospective buyer??
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