You love your house. It set the stage for many family events and cherished memories. For many, this kind of emotional attachment and other factors un-related to the home's true market value end up influencing sound judgment when setting the asking price for your home.
To let any emotion (be it nostalgia or financial desire) drive up your asking price is a mistake that can end up costing you big in the end. Remember, the buyer doesn't know about you, your financial situation, what you've done to the home and the memories you associate with the house you have lived in for years.
Determining the right price is a science more than an art. Think of it this way: the price for your house has already been established by the real estate market. There is a relatively narrow price range that buyers will consider for a particular home, with particular features, in a particular neighbourhood. Set the price too high and your house is passed over and just sits.
Factors that influence the desire to overprice:
* Attempting to recover money invested in renovations and improvements or debt
* Desire to use profits to purchase a higher priced home elsewhere
* Original cost of the house was too high
*. Building bargaining room into the price
*. Adding on for perceived emotional value
Linda is a Real Estate Broker and Certified Executive Coach working in Toronto and Cottage Country. You can reach her at www.lindasellshomes.ca or lindawalsh@rogers.com. If you want to know how much your home or cottage is worth, contact Linda for a complimentary market analysis.
