Just like buyers who get cold feet before pulling the trigger on buying a home, sellers can also feel remorse and have second thoughts about selling a home.
Seller’s remorse usually happens because the seller wasn’t really motivated to sell in the first place. These are homeowners who think they want to sell, but they don’t really have good reasons to follow through with it.
Sometimes sellers will want to “test” the market, just to see how much a buyer would offer on their home.
If that’s all you’re really looking for, have your Orlando real estate agent do a CMA for you rather than going through charade of listing it to see what happens.
Real estate agents spend time and money when they list a home for sale. If the homeowner isn’t serious about selling, the agent loses all the time and money they’ve invested on something that was never going to happen in the first place and it’s just not right to do that to someone. Most of the time homeowners don’t do this on purpose.
Here’s an example using one of our own clients… We had a seller with beautiful 5 bedroom 4 bathroom lake house in Windermere. They wanted to downsize because their three children had all moved out and it was just her and her husband.
In addition to being “empty nesters”, they were convinced that the Orlando real estate market was declining in value. They thought if they waited a few more years, the value would fall so low that they would lose their chance to make a nice profit.
I thought great!… These guys really are motivated to sell and the house is in a very desirable area.
So we launched our marketing campaign like we do for all our listing… videos, postcards, press releases, open house, etc.
Within just 4 days after listing the property, we were excited to present the couple with a full price offer on the home!
Once we presented the offer, the wife panicked…. Suddenly the reality of it all hit her.
She decided she couldn’t part with the home where she raised her 3 kids at any price. It was all fun and games telling potential buyers all about the house as did the tour the house, but when the time came to sign on the dotted line the sellers froze. This is a common reaction when a seller isn’t truly motivated.
How do you Prevent Seller’s Remorse?
Owners can prevent seller’s remorse by taking the time to really think through the entire process.
- Have a plan,
- Have a relocation goal
- Have good reasons for selling.
Sit down with your real estate agent and discuss your wants and needs with them. Make a list of the pros and cons to selling, if the pros outweigh the cons, then sell! If it’s the other way around then don’t put it on the market.
If you’re worried about not being able to find another home to meet your needs in time, then you can sell on a contingent contract. This type of contract gives the seller a predetermined amount of time to find another home, and if they can’t find the right one then they aren’t obligated to sell.
If you’re wondering how much your Orlando home will sell for then gives us a call at 407-902-7750 and we’ll prepare a free Comparative Market Analysis for you with no obligation.