How to Deal with Homesellaphobia
Homesellaphobia is my self-proclaimed way of labeling the fears some homeowners' experience when it's time to list their home. Following is a list of those fears and ways to combat them.
Over the many years, I have served home buyers and sellers here in Reading and Berks County, I have observed various emotions. Needless to say, there is a lot of emotion in the buying and selling of homes. The one emotion I am contracted to diffuse is fear.
Most of us have heard the term "Cold Feet" and know it relates to a buyer changing their mind about a purchase. The closest phrase we have for a seller who changes their mind is "Seller's Remorse." In either case, the emotion that best describes the conditions is fear which causes indecision.
Causes of Homesellaphobia
The first and most obvious concern is value, "What's my Home Worth?" Some national housing statistics say that In 2018, 62% of all listings undersold and predicted that number to climb to 75% in 2019.
Condition and Cleanliness
Many sellers express concerns about the general condition and cleanliness of their home. They think that buyers and agents coming to see the house will think less of them and the home if it is not in tip-top condition.
Real Qualified Buyers
Home sellers often ask me if every buyer seeing their home has been financially qualified to purchase it. The concern here is one of practicality and safety. No one wants to ready their home for someone who has no business being there or is up to no good.
Inspections come from the buyer, appraiser, and in some cases, the municipality where the home resides. Most of the anticipation relating to these inspections is detrimental to the homeowner.
All the Paperwork
Understanding the listing contract, Agreement of Sale, and the sea off associated documentation can be daunting.
I have yet to meet a home seller who was excited about gathering up all their things and moving. Moving can be a daunting task and often takes considerable planning and effort.
Solutions to Homesellaphobia
Your agent can help you establish a value for your home that will be acceptable to the home buying market. Once a value has been established the agent will furnish a net sheet showing the costs and proceeds from the eventual sale based on the asking price. This practice can take much of the ambiguity regarding dollars out of the equation, so the home seller better knows what to expect.
I am often asked what can be done to a home to enhance its value. In my opinion, home sellers are better served by an agent who will tell them what they need to hear and not what they want to hear as it relates to the condition and cleanliness of the home. In my experience, most homes are in better shape and cleaner than the seller realizes.
Agents are professionally licensed and should bring ready, willing, and able buyers to preview homes for sale. That said, I am sure that some agents show homes to people who are not qualified. Unfortunately, the solution to this issue would be worse than the problem as fewer homes may sell if showing restrictions were too tight. For the most part, the system of home showings works rather well.
Home inspections have become a standard part of almost every home sale. I take the time to counsel home sellers on what they can expect and how to avoid the pitfalls of these inspections by being proactive and, in some cases, considering pre-sale inspections.
A full explanation of all the paperwork involved in a real estate transaction is prudent. Many agents will counsel with their clients several times during the transaction to update the seller on the status of the performance and other important dates and conditions of the agreements.
As you can see, an experienced real estate agent can be worth their weight in gold. Your agent can be the medicine that cures any homesellaphobia!
Knowledge is Power!
Jeffrey C. Hogue