Tips on how to avoid seller’s remorse when selling your home
Whether you’ve been in your home for two or 20 years, the decision to sell can be a difficult one. No matter the reasons for listing the home, sellers are sometimes left with negative feelings or emotions after the sale. These feelings of regret can lead to seller’s remorse.
What is seller’s remorse?
Most of us have heard of buyer’s remorse, or regretting making a purchase. Seller’s remorse is similar; it is a negative emotional response after selling something they owned.
Seller’s remorse most commonly occurs while in escrow or before closing has occurred. Known as “getting cold feet,” it can cause the sellers to pull out of a contract, leaving behind disappointed buyers and wasting both time and money. Seller’s remorse can also occur after the sale has been finalized. While it is sometimes short-lived, seller’s remorse can last for years.
Preventing 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!
- 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 primary 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 languish on the market before one – or more – price drops are needed. Listing a home at or near market value can help it sell quickly while still getting what your home is worth.
- Make plans for immediately after the sale
In the current seller’s market, many homeowners are listing their homes in the hopes of getting top dollar. Unfortunately, it can leave you with a feeling of remorse if you do not have anywhere to go after closing. 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 for after closing.
- 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. If you can’t seem to shake seller’s remorse after the transaction is finished, it may be wise to seek out help from a professional counselor; they can help you identify the root causes of your seller’s remorse and help you move on after the sale.