When looking for a home to purchase it will be an advantage to take on the mindset of a seller. This will give you a better value for your money and even end up with a great deal. When you think like a seller you’ll understand a homeowner’s bias. When you negotiate you will be better at it, because you’re comfortable and at ease knowing you’ve got enough information to back your proposal. After all, nothing beats being prepared in saving money when purchasing your dream home.
Residing in a home where tons of memories have already been built, will cause a seller to have too much attachment to the property. Often times this leads to over appraisal of a home’s worth which results to a higher selling price than what it should be. Sometimes, it’s not the attachment which causes the price to hike up, but the substantially renovations done in the home. The seller will have the tendency to seek return for their investment through the sale price.
Coming to terms with “reality”
The bias of a seller is better understood by a buyer who has or is now a seller themselves. But this doesn’t mean an immediate agreement with the seller’s evaluation of the property’s worth. This is where agents will become a convenient help to better understand the real worth of the home. An agent can help bring to light the true market value of the improvements done in the home over the years.
When you think like a seller you will realize that there might possibly some condition in the home. During the Open House you will know where to check as you walk around the foundation. You won’t be easily fooled by the seller’s attempt to cover up what will decrease the value of the home. The seller’s aim is to close a deal, so be prepared to make a compromise and you won’t be able to do this if you did not check the home properly.