Does Seller Motivation Mean No Regrets After Listing a Home?
Seller motivation is important in any Sacramento real estate transaction and extends beyond an urge to sell a home. It extends all the way to closing. Seller motivation means many things, though. When buyer’s agents ask me if my seller is motivated, they are asking if my seller will accept a lower price for her home, and the correct answer to that question is: I send all offers to the seller. A listing agent who responds without permission: heck yeah, let’s negotiate, could be guilty of violating her fiduciary duty to the seller.
Sometimes I spot listings in MLS in which the listing agent has entered that phrase into confidential remarks, the seller is motivated. This may cause a person to think to herself: sure, of course the seller is motivated because the seller has his home on the market, right? Followed by well, there is the matter of the home being priced $50,000 over market value, so that sort of extinguishes the flames of seller motivation right there. In those types of cases, seller motivation might be a secret code to buyer’s agents, letting them know the agent is aware but can’t say so.
Sellers often don’t want to reduce the price because they expect a buyer to negotiate. They fail to understand that buyers really don’t want to negotiate. They cannot wrap their heads around that fact because they are too stuck on the mentality of being a seller. In cases of homes priced too high, buyers often just skip them.
There is also seller motivation that backfires and turns into seller’s remorse. This tends to happen when a home quickly sells or at a higher price than the seller anticipated. The flurry of marketing activity, preparing the home for the market, surviving buyer showings and open house traffic can shift the focus from moving out to getting ready to sell. When the purchase offer arrives, it can cause shock, especially when the seller typically needs to sign within a 24-hour period. A seller can feel pushed. Aggravated.
Harried, exhausted, irritated and feeling like always running a day behind can cause seller’s remorse. It’s not unusual for a seller to question whether he or she has done the right thing by signing a purchase contract. Often this feeling of uncertainty will pass if they just give it a little bit of time to settle in. We all do not process data in the same way. This is why it’s more important now than ever to establish and review your reasons for selling a home before putting your home on the market.
I try to spend a sufficient amount of time with prospective sellers before I take a listing. I met with two different sellers on Friday who are not yet ready to sell their homes. One seller lives in Elk Grove and the other in a 1920’s brick bungalow in Midtown Sacramento. It was easy for me to ascertain that the time is not right because I asked the right questions. The last thing anybody needs is an unexpected upheaval in her life or feeling coerced into signing a listing agreement. I have plenty of patience and compassion. When you’re ready to sell your home in Sacramento, I hope you will call Elizabeth Weintraub at 916.233.6759.