THIS 1 PHRASE COULD BE KILLING YOUR HOME SALE - Coastal Florida Real Estate

THIS 1 PHRASE COULD BE KILLING YOUR HOME SALE

Selling your home is part psychology and part money.  Money is the easy part, it’s the psychology of the buyer and seller that are the hard parts of a home sale.

home sale

 

Often, psychology and emotions keep people from doing the right thing.  And there is one phase, that if expressed, is sure to kill your home sale.

“We Just Need the Right Buyer”

This one phrase, whether spoken out loud to an agent or only between owners, indicates several problems which can kill a home sale.  And it usually indicates a frustrated and angry seller because their house hasn’t sold for a long time.

Here are what the seller is really thinking:

  • The house is special
  • My agent can’t find the right buyer
  • The right buyer will appreciate the house
  • Buyers will pay more than the market value for our house.

Let’s take a look at these 4 items.

The House is Special

This phrase usually pops up when there is a custom house or a house that has been heavily customized.

Now, I don’t mean updated, I mean customized.  Once sellers get it in their head that the house is special, they no longer care what the numbers or comps say the market value of the house is, they know what the value is.

My Agent Can’t Find the Right Buyer

If there is a lack of showings, it means buyers aren’t interested.  Again, once sellers get it in their head that the house is special, then they continue to dog the agent to “find the right buyer”.

When homes are selling as quickly as they are today, buyers are everywhere!  If there are no showings, you are not presenting a product with a value proposition that buyers perceive.  This is why there are clearance tables in department stores.  Once the price is dropped the value goes up and the product moves.

The Right Buyer Will Appreciate The House

This usually crops up when you have a custom home where the owner designed the house and oversaw every nail that was hammered in.  If the owner is an engineer, there is probably a spread sheet with each item listed.

Or, while doing extensive customization of the home, the seller kept track of those “nice shelves in the garage” or the “Berber carpet in the guest room”.  If there are hidden upgrades inside the walls, maybe to the studs or wiring, sellers believe everyone should know about them too.

I have bad news.  Buyers usually don’t care.

If the house complies with insurance and safety codes, and is stylishly up to date, the rest usually doesn’t matter.

I recently talked to someone who wanted buyers to know that each board in the second floor deck was milled in another city, was 25 feet long and was connected to an interior wall making it resistant to hurricane damage.  And he wanted me to look at the underside of the deck to appreciate these boards.

I have bad news.  Buyers usually don’t care.

Buyers Will Pay More Than the Market Value for Our House

So, when the magic buyer suddenly appears, and appreciates all the love, the special shelves in the garage and the Berber carpet, they will pay what we want not the market value.

No matter what they offer, if they are financing and it doesn’t appraise the deal is dead.

All of this gets summarized when sellers say, “We just need to find the right buyer”. Every time a seller says this to me, it is because they have an unusual home that has been on the market for a long time without selling and they have a tremendous emotional attachment to it.

If you would like to have a conversation about getting over the above hurdles, give me a call.  I have been helping sellers move forward with their plans for 13 years and can do the same for you.  If you prefer, use the form below.

Richard Sites, Realtor