When a buyer buys a home, on average, they view 11 properties before choosing one to buy. They compare size, condition, amenities, and most importantly, location. Many factors go into the home they ultimately chose, including price, value, and other intangibles.
When a seller sells a home, they first thing they do is compare their home to other recent sales in the neighborhood. Usually, not very objectively. Then, they stack up all of their expenses and upgrades and improvements and – here’s the worst part- maintenance. They add those things up, add it to the sales price of the neighbor’s home, add another chunk for negotiability, there you have it, an asking price.
Now of course, this may be the stereotypical seller, and not indicative of all home owners, but this is not uncommon.
The worst thing a seller can do (yes, some day I will probably construct a post called “5 Biggest Seller Mistakes”) is overprice their home, from an emotional standpoint.
My suggestion? It’s no longer your home. The day you put in on the market, it is a commodity. The babies you raised, the birthday parties, the wedding pictures, the holidays you celebrated there do not have any value to the buyer. The extra insulation, the 2×6 (instead of 2×4) studs, the special paneling in the basement, even- become somewhat irrelevant to the buyer. Detach your emotions, be objective, and price your commodity to sell. Or let it expire with your broker and call me.