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.  

Tip 3: Improve the lighting in your home for showings 

Dark interiors can make a home feel cramped and uninviting.  When staging for photographs or open houses, make sure you open all the drapes and blinds to let as much natural light in when possible.   

Express news states "lighting can completely transform any space, but unflattering illumination can ruin the most stylish rooms instantly.   Make sure that the bulbs are not fluorescent as it subconsciously reminds people of clinical environments.  Warm lighting is associated with coziness, relaxation and winding down." 

You can also boost the amount of lighting in the home with a layered approach.  In addition to ceiling lights, use a mix of floor lamps, wall sconces and table lamps to brighten your space for potential buyers. 

Tip 2 

How do you de-personalize your space so the buyers can visualize themselves living there? 

The most important thing you can do to prepare your home for sale is to get rid of clutter.   Here are some ideas to get you started: 

• Remove all family photos, diplomas, collectibles and other personal items. 
• Paint the walls a soft neutral or white.  This will create the impression of a larger, brighter space.  
• Buyers want to visualize themselves living in their potential new home, and this can be hard to conceptualize in a space that is decked out with the seller’s belongings.
• Softening your home with neutral colours and fabrics can help make a potential buyer feel more at home.
• It is important not to strip your space completely of personality. When staging, stick with basic accent pieces, such as a vase of flowers or simple throw pillows, to liven up the room.
• Re-arrange your furniture so buyers can easily walk through.  Paring down furniture and putting some of it in storage will again make the house look bigger.   Pull furniture away from the wall and place it in a conversational way in the centre of the room. 
• Minimizing items on book shelves and coffee tables decreases clutter 

Recently, I have been consulting with clients about what kind of staging should be done to enhance their homes and get the maximum amount in the shortest period of time.  This week I will cover curb appeal. 

Tip 1:  Begin With Curb Appeal