If you are selling your house, the first thing that a realtor and other professionals discuss is the importance of “Market Value.” Selling your house can be a challenging endeavor. It is hard enough to consider the obvious such as property condition, market condition, appraisals, etc. What many property owners, realtors, and other professionals fail to take into account is the psychology in the minds of the sellers going on in the background. It is vital for sellers to understand that their home does have an emotional value and to take this into account if you are contemplating selling your house. The emotional value with all of its’ facets is different for everyone. The concept of “emotional value” is not discussed a lot or taken into consideration when the seller makes certain choices. It is when the emotional value is higher than the market value; sellers have a problem selling. This leads to frustration and sometimes chaos during the process of a real estate transaction. It leads to broken relationships resulting from a breakdown of communication and understanding. Emotions can keep you from selling your house!
Selling Your House – Market Value Vs. Emotional Value
Our house will become our home. They are both words that appear to mean the same thing, but do they? A house is a physical dwelling made of various materials. It has monetary worth and value, much like any other item we possess. It is not personal; it is just there. We all need shelter and protection from the elements, and a house provides just that. Its’ market value determines a house’s worth.
A home, on the other hand, is so much more. It is the place where we have sown our life’s seeds. Our home is our safe place to get away from the world, that special place that we share with our loved ones and family. It stays etched in our memories as the place where our children were raised, where we spent holidays with our family. It is a place where we celebrate the joys of victory and heal from painful defeats. A home is so much more than a house, and it truly becomes a part of us. A homes’ worth to us is known as emotional value.
Unfortunately, the emotional value we hold is only for us, the homeowner. The rest of the world sees our home as just another house. Good realtors and other professionals that are worth their salt can empathize with you and understand and respect the value you hold. This first step to successfully sell your home is to sell your house instead.
Selling Your House – Taking a different perspective
As sellers, we need to differentiate the monetary value of a house vs. the personal value of a home. Sometimes it is just a matter of looking at things a little differently. As a realtor, I consider this part of my job. That is, helping my clients view their real estate transaction from a healthy perspective, which enables them to accomplish their goals. So, in order to help sellers overcome this obstacle, we must keep goal-focused and weigh the emotional impact of the transaction outcome against the loss of the home. In this way, we keep goal orientation as apples to apples and not apples to oranges. Let me give you a real-life example. My clients’ wife passed away, and he didn’t want to sell their house because he wanted to hold onto her memory. I’m sure many of us know someone who has been in this particular situation. The problem was he could not afford to keep the home. His family and I helped him look at it from a different perspective and asked him what his wife would have wanted, for him to keep the home he couldn’t afford or to sell the home and have the proceeds help the family. He said my wife would have wanted me to help the family. At that point, his “emotional value” had changed, and we now had something to work with.
Selling Your House Can Be A Hard Choice
Sellers have many emotional reasons for not wanting to sell even when they have no other choice. Usually, the reasons are very personal and family-related, but not always. There are times it is strictly financial. As a real estate investor, there have been times where I made some deals that were, lets’ say, “not so good.” I can say it is tough to admit to ourselves we made a poor business choice and now must suffer the consequence of breaking even or even taking a loss. It is easy to be stubborn and live in denial, but it is also costly as well. It can also be very frustrating to other real estate professionals who are on your team, trying to help you accomplish your goals. I had found myself in this situation many times when a seller hoped for a good return only for someone like me tell him he is probably not going to get that return. If you find yourself in a similar situation, be sure to look at the whole picture, not just this particular real estate transaction. Be realistic when selling, accept your consequences, and move on to your next victory.
As For Real Estate Professionals
As for real estate professionals, it all comes down to helping the seller figure out if their goals are realistic and supported by accurate statistics or emotionally driven. It also may be a matter of offering your clients a different perspective on their particular situation. Your goal as a real estate professional is having the sellers’ emotional value of the home line up with the market value of the house to achieve success. Being a real estate professional is a lot more than selling a house for a client; sometimes, it is about helping people to understand why they need to sell the house. We must sometimes be the sellers’ emotional anchor if we are going to help them.
The key point in this article is understanding when you are selling a house versus when you are selling a home. You will obtain the best financial results and have the least stressful experience when you are selling a house. Emotions will always be a part of real estate transactions rest assured, but they need not all be bad. When the seller has a defined goal and clear objectives that are pragmatically based, you will find success. As we all know, success brings with it positive and encouraging emotions, even if it is only the success of leaving a lousy deal behind you forever. In the end, you will save a lot of money, along with headaches and heartaches.
Need Help Selling Your House? Ask the Author
Contact Benjamin Ross to let his expertise help you. As the author of this article, Benjamin has dedicated his life to helping homeowners achieve their goals. Benjamin is a widely known real estate source expert for national media outlets, informing their readers about real estate. View the links below to view only some of the numerous real estate articles that Benjamin Ross has contributed. You can email Benjamin at email@example.com if you have any questions or would like some help. There is never any obligation, and Benjamin Ross is always available to help you.