What is seller's remorse? The sick feeling that you might have made a mistake selling your home or the desire to go back in time and not sell. Here are its common causes, and how you can prevent it, when selling your house.
After you've taken care of all the minor repairs you put off for years, painted and staged your home to look amazing, you may feel a little twinge. Is it really the right time to sell? Or maybe the seller's remorse hits when you're packing up all the memories and thinking of saying goodbye.
Seller's remorse typically strikes once you walk out your front door for the last time. But you can also get cold feet during the selling process. It's the feeling of wondering if you're making or have made a mistake. If you're worried that you might experience buyer's remorse, here's how to prevent it.
Deciding whether or not to sell your home?
Avoid seller's remorse by working with a Clever Partner Agent.
Make a Pros and Cons List Before you Sell
Why are you thinking about selling your house? Sit down and make a pros and cons list, comparing selling versus staying. Pros to selling could be that you stand to make a tidy profit, need a home office, and want to live closer to work. Cons could be moving with a new baby, or worries that you might have to spend too much money fixing it up before listing.
Your real estate agent will know the right questions to ask to help you determine if now is the right time for you to sell, particularly related to the current housing market and your lifestyle. You could reach the decision to not sell your house now, but wait.
If you decide to sell and start to have regrets, go back to your list and remind yourself of why you're selling. Unless something major has changed, neither should your decision.
Know Your Market
You could feel a lot of remorse if your home finally sells for much less than you'd expected to get. Worse, if the lower sale price means that you can't buy your dream home, you could be stuck in a very unpleasant situation. No home to live in, but not able to afford the home you wanted.
Ask your real estate agent to prepare a Comparative Market Analysis or CMA before you list your house for sale. The report analyzes sales of comparable homes in your neighborhood to help set realistic expectations of your home's worth. If you have a reasonable idea of how much you'll make from your sale you're less likely to be disappointed.
This also applies to the home you plan on buying. If you're selling and plan on immediately buying another home, you'll want to make sure that whatever you make on your home sale is enough to cover the down payment on your next house.
Listen to the Experts
Your mother-in-law might have an opinion about your plans to sell, and isn't shy about expressing it. The next-door neighbor is sure you could have made more money. Lots of people could have opinions about your home sale, but you should only listen to the experts.
Outsiders don't have access to the same data as an experienced real estate agent. What they think about the housing important isn't as important as what an agent knows. And they back up their gut feelings with data.
Don't be afraid to ask your agent questions about pricing decisions, or how negotiating certain items during the sale will impact your profit. The knowledge that they share with you can leave you feeling better about selling your home.
Make Plans for After You Sell
That moment when an empty nester walks out of their home for the last time, leaving behind memories of raising their children, can be tough. Even if you're trading up to a home with more bedrooms for a new baby, you're leaving behind memories of your oldest child's first steps. To avoid buyer's remorse, make plans for after the sale.
A retired couple can make plans to travel the world, or take a grand vacation, before settling into a condo or retirement community. Or, you could have your next home already purchased on contingency and have started making plans for how you'll decorate it. The point is to give yourself something to look forward to, ideally related to your next phase in life, to lessen any sadness you may feel at closing.
When you work with an experienced, local agent, they can address all of the issues that could lead to buyer's remorse. Agents in Clever's network provide full-service for a portion of the usual realtor's commission so you keep more of what you make on your sale in your pocket. Fill out our online form to be put in touch with a Clever Partner Agent today.