YOUR EMOTIONS SET THE PRICE?”
homeowner is always interested in getting the highest possible price for his or
her home. This is certainly an understandable goal. The key to receiving the best
selling price begins with the most appropriate asking price. Quite often, emotions
play a major role in affecting the asking price. Here are some examples of emotions
BASING PRICE ON EGO: “I am going to get more for my house
than he did!” This is an example of letting ego take control in pricing
decisions. If we don’t like the home of a neighbor that was recently sold
or don’t approve of the way he or she kept the home, we may allow these
feelings to influence us when comparing the value of both homes.
BASING PRICE ON OUR PERSONAL TASTES: As homeowners, we are entitled
to decorate and furnish our homes in any manner suitable to our tastes. When we
put our homes on the market, however, we must realize that potential buyers may
look at our decorating ideas as a detriment and not an advantage. In fact, the
buyers may offer us less than we want because they will have to incur the cost
of removing the existing decor in order to replace it with decorating ideas they
prefer. This reality is often difficult to accept because we feel that we should
receive a premium price for the money and ideas we have invested in decorating.
BASING PRICE ON FUTURE CASH NEEDS: Many of us price our homes
by adding up the money we will need to satisfy future financial needs. This is
most often the case when we are selling a home to buy another. Because we need
a certain sum of money in order to buy the next home, we just automatically decide
that the current home will have to provide the necessary amount. Although this
goal is desirable, it may not be possible considering actual market conditions.
ADVICE: Emotions are often at their peak when dealing with issues
of family and home. Because of the importance of setting the right asking price,
however, get the help of an emotionally detached and market-wise Realtor®.