Seller’s remorse: that sinking feeling in your heart and stomach knowing you may have lost something you can never get back. In real estate and especially home ownership, this “syndrome” is very real and have sent some into a downward spiral that has a ripple effect into other parts of their lives.
The leading cause of seller’s remorse and how to avoid it is when an offer presents itself before the seller has time to fully consider and process the option to sell or keep.
With buyer’s remorse on the other hand, you are often able to get out of the contract because of certain contingencies or even clauses in the contract, you might lose your earnest money, but you won’t be stuck with a house you don’t want.
With seller’s remorse you don’t have that option; you can only hope and dream that the buyer’s decide to back out. It is for that reason that you should be doubly sure that you want to sell your house, not just something that you are thinking about.
The best way to totally avoid seller’s remorse is to be sure that you want to sell your home. Run through possible visualizations and scenarios about living somewhere else and having to start over and make new memories in another house, apartment or even city.
Also make sure you’ve done everything in your power to ensure the house sells as smoothly as possible. If you hit bumps and jolts along the way of selling your home, you have more time to worry that this might not be the right thing.
To avoid that from happening you and your realtor need to sit down and create a plan that includes the following strategies:
Leading Cause of Seller’s Remorse
- Listing Price – This is one of the most important things to talk about with your Realtor. Some people think the realtor is setting a low price because they want the house to sell quickly, so they get their commission faster. This is not usually the case, when your realtor discusses prices with you they have done their research and looked at what comparable homes in your neighborhood are currently selling for or listed at. The price your realtor suggests is not just a number pulled from the air, so take that into consideration during the pricing discussion.
- Counter – If you aren’t satisfied with an offer, don’t be afraid to make a counter offer. Negotiating with the buyer is part of the home buying process and can often times get you in a place that works for you. Not speaking up, on the other hand, can have a negative and delayed impact on you and contribute greatly to seller’s remorse.
- Have a Post-Sale Plan – Where are you going to go and what will you do after you’ve handed over the keys? Waiting until you have sold your home to create a plan leads to all kinds of anxiety, including the feeling that you wished you had never sold your home. Before listing your home, make sure you have a plan and a place to go after you vacate your home. Having a place and/or a plan that you look forward to is also extremely beneficial.