CHAPTER 2 Understanding the Home-Selling Process
Financially and emotionally, a home is often an individual’s or family’s largest single investment. That makes selling a home — whether a single-family residence, duplex, or condominium— the single largest, most complex transaction a person will undertake, and for most people, no more than two or three times in their lives. It involves new terms and concepts, financial acumen, and larger figures than people usually deal with. Emotions can overtake good judgment. As a seller, you might think, “Surely, my home, where I invested so much money and sweat equity, and raised my children, is worth more than ‘you people’ [appraisers, prospects, and buyer’s agents] think it is. You aren’t considering that the neighborhood was named ‘Most Livable’ in the local paper!” (five years ago, and the old neighborhood has since changed). Emotions almost always lead to problems in a sales price negotiation. Further, real estate transactions involve multiple decisions points and often substantial investment in the homeowner’s time, energy, and money. As a seller, you want to find that home shopper who simply can’t resist buying your house at the highest price. However, to do that, you must provide potential buyers a striking home sales presentation that outshines other homes on the market. This requires creating a fantastic first impression, giving 7
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