Getting top dollar is the dream of every home seller. But getting a buyer to pay a premium for features that are valuable only to you? That's closer to fantasy, according to Tracie Hamersley, senior vice president and associate broker at Citi Habitats in New York City.
"Overpricing often occurs because of emotional reasons," Hamersley says. "So many sellers make the mistake of thinking that their home is special and that a special buyer will pay more because they also fell in love with the property."
The truth is prices have nothing to do with the seller's emotional affinity for the property, and according to Hamersley, it's important sellers understand that as early as possible.
Sellers who bought at the top of the market likely won't see that same price from today's buyers.
"It's a different market," Hamersley explains. "If a seller bought their home during the market's peak, they may have to face the unappealing prospect of losing money on the sale in today's market. This is a difficult position for a seller to be in, but it's one that reflects today's reality."