Getting Cold Feet? Here's How You Can Prevent Seller's Remorse

People experience buyer's remorse at times and it's a very common emotion that many people are able to understand and sympathize with. For the average person, making big purchases more often than he/she can sell anything that carries much value to them is what characterizes the average person.

It is precisely for this reason that the seller counterpart of this feeling is quite rare, since it does not happen very often, and therefore it is unheard of. It is almost never anticipated by home sellers. Since they have never had any experience with similar types of regrets before selling their home, they end up with a bad case of "seller's remorse."

What is Seller’s Remorse?

The term "seller's remorse" refers to a situation in which a homeowner decides it was a mistake to sell their home and no longer wants to sell, especially if they have little reason to sell.

Selling a home is one of the biggest decisions you'll make in life. It can be an emotional journey - especially if it's been your long-time abode! Don't worry though, having cold feet at this point is totally normal. However, have genuine concerns about the sale? That could spell trouble since contracts are usually signed and sealed by then... so much for hindsight being 20/20!

Nobody likes feeling seller's remorse but sometimes it can be hard to avoid. To make sure that you don't fall into the regretful trap, get ahead of the game by examining what makes us want to second guess our selling decisions in the first place and then establish a plan for warding off any future 'oops' moments!

Here are the common questions most sellers ask once they start to experience seller’s remorse:

1. Did I price my house right?

After the sale of their previous home, sellers may have second thoughts regarding the amount they sold it for. Some feel that they may have accepted an offer that was too low, especially if they did not get to entertain other offers.

How to prevent being in this situation: There is a fair amount of strategy that goes into pricing a home, and you want to make sure to find the perfect balance between the important factors that determine housing prices.

To set the right price that will get your house some steady action, it is crucial to seek the help of an experienced agent and a professional appraiser. While it is ultimately up to you to set the final asking price, you still have to make this decision within a suitable price range based on comparable sales or “comps” and several other assessments. Don't rely on your “guesstimate” and don’t let your personal attachment to your home determine its selling price. Overpricing your home will only cause it to sit in the market for longer than is ideal (which would drive down its value), so it is very important that you get the price right before deciding to officially put it on the market.

When you think you’ve arrived at the correct price, list your house for sale but wait until you can choose among several offers before accepting one. This way, you won’t have to regret settling for the first offer that came along.

2. Was it really the right time to sell?

It's not unusual for sellers to make an impulsive decision to sell their homes just because the current market promises good returns. Some people also decide to sell as a way of getting out of debt, but realize in the end that there could have been other ways to raise the money without having to give up their homes.

How to prevent being in this situation: Have a solid and acceptable reason for selling your home, and make sure that you're ready to accept the implications of the sale. If you’re selling the house for financial reasons, make sure you have accepted the need to downsize. It would also help to ask yourself if selling your home really is the only way you can raise the money you need. This way, you won’t feel guilty about it in the end.

The market may be looking good at the moment, but don’t let this be the sole indicator of your desire to sell. When in doubt, hold off for a while and make the necessary assessments first.

3. Will I be able to find a home that appeals to me as much as the one I just sold?

Sellers who have loved their previous home so much often worry if they'll ever find a worthy replacement.

How to prevent being in this situation: It's normal to feel an attachment to the home you’re selling, but if you’re worried that you won’t find a house you’ll love just as much—don’t panic.

A logical solution to this is to sell on a contingent contract, which means that you--the seller--will be given a period of time to find a replacement home without being obligated to close escrow with the buyer in the event that you don’t find one.

It’s all about communicating with your agent about what you need, and finding a way to sell your home without experiencing unnecessary setbacks. It is your listing agent’s job to understand your unique situation and come up with a plan to make the the selling process as seamless as possible.

A note to sellers:

The bittersweet feeling of parting with your home is often inevitable, but a bad case of seller's remorse is something you can avoid with careful planning. Just remember to hire an agent you can trust, and to be 100% sure of your decision to sell. The anxiety brought by having to sell a home you’ve loved for a long time will eventually be eased by having a positive outlook as you transition into this new phase in your life.

Here at Santa Sells Houses, our professional real estate agents will advise you on what course of action is best for you. We will always put your needs and interests first! Don't hesitate to contact us for any housing needs and let us give you a better real estate experience!