Avoiding Sellers Remorse

Whether you've been in your home for one or ten years, the decision to sell can be a difficult one. No matter the reasons for listing the property for sale, sellers are sometimes left with negative feelings or emotions after the sale takes place.

What is seller's remorse?

Most of us have heard of buyer's remorse, seller's remorse is similar, it is a negative emotional response after selling something they owned.

Seller's remorse most commonly occurs whilst in escrow or before the sale has been concluded. It is also known as "getting cold feet," it can cause the sellers to pull out of a contract. While it is sometimes short-lived, seller's remorse can last for years.

How to prevent seller's remorse?

Selling your home doesn't have to leave you with seller's remorse. The following tips can help you avoid it when selling your home!

1          Price based on market value

Setting the listing price is one of the most difficult parts of preparing to sell your home - and one of the main causes of seller's remorse. It's important that homeowners separate the emotional value of their home from the market value of similar properties. Pricing a home below market value at the start may entice multiple offers, but it can also lead to you getting less than what your home is worth. Likewise, if you start by listing a home too high, it can cause it to sit on the market before one - or more - price drops are needed. Listing a home at or near market value can help it sell quickly whilst still getting what your home is worth.

2          Make plans for when your sale has been concluded

 Make sure you have a clear plan of moving out and where you will live after the sale. In addition to actively searching for your next home, create a backup plan such as a temporary rental after your transfer goes through.

3          Know when to walk away

If you can't shake the feeling that you aren't ready to leave your current home, don't force it. While it may cause short-term issues to pull out of a contract, it is better than dealing with seller's remorse for months - or years - after a sale.

Contact Prime Property for specialist property advice, sales, rentals and property valuations

Tel: 031 566 5416