Why emotion can make you lose money when buying or selling your home

When you are putting your home up for sale, you cannot allow emotions or sentimental value to play a role in the asking price you put down for the home. This is going to be the biggest mistake a seller can make, and it will mean you are going to lose out on several offers. If you let the good times your family shared, or the fact that it was your first home, play a role in what you charge, you may put a price in that is way above the average price in your market, especially for your home. So, when you are putting a house on the market, look at the comparables, and not at the good times your family shared in the home.

As far as buyers, do not allow the sentimental value, or the fact that you really love the home show, when you are putting in an offer. If a seller can see that you really want the home, they may increase, or play mind games to get a higher price out of you, and, in many cases some buyers are going to buy into their tricks, and offer the dollar amount the seller is asking for; even if the home is not worth it. So, do not let your emotions show, and come in with a poker face when putting in the offer.

No matter which side of the transaction you are on, buy or sell, your emotions and sentiment can not cloud your judgement when real estate, and the prospect of buying or selling a home is in front of the parties. You must come in with a clear mind, make sure to know the homes value (both sides), and really know that if you show emotions, you can lose out on a great property, or lose out on the sale.