One of my favorite authors on common sense real estate is Tara-Nicholle Nelson. She can be found writing articles for sites like Trulia. In this article on seller psychology she is writing to industry professionals and trying to help new agents deal with difficult questions from sellers. I am posting it here because it gives insight for both buyers and sellers. The article helps sellers understand some of the very natural emotions they are likely to face when selling their homes and how to avoid making mistakes in pricing and targeting that can cost you in the end. For buyers the article can help you understand where sellers are coming from. In real estate every seller wants to get as much as possible and every buyer wants to pay as little as possible. Somewhere between these two points of view is the true market value and a fair price for both parties involved. Just to wet your appetite, I have included her five saying below, but you will want to read the whole article.
1. “But I spent X years or $XX on that!”
2. “We just need to find a buyer who understands my tastes.”
3. “I want to price it high, so I have room to come down.”
4. “That offer is an insult— I won’t even dignify it with a response.”
5. “I need $X to get the home I want and take my Australia trip—let’s list the place for that.”