Dec 19, 2022 - 11m read
Managing the Stress of Selling a House
For many homeowners, selling a home is extremely stressful and can overwhelm practically anyone. Unless you move regularly, this is a major life change that will substantially disrupt your day-to-day life.
Anthony Reinoehl
Co-Founder
For many homeowners, selling a home is extremely stressful and can overwhelm practically anyone. Unless you move regularly, this is a major life change that will substantially disrupt your day-to-day life. If you have emotional connections to your home, sadness will likely add to the stress you’re experiencing, making the situation even more difficult to handle.
There are also several logistical challenges that must be navigated during the home-selling process, which include figuring out when the sale will close and scheduling private showings with potential buyers. Even though this situation can be stressful, there are several things you can do to properly manage your stress levels throughout the entire home-selling process.
Sellers Worry About Selling Their Home in Desired Time Frame
A common worry for sellers is that they might be unable to sell their home in their preferred timeline. Nearly 50% of all families move as a result of a major life event, which can include:
- Getting married
- Having children
- Transferring for a job
- Death of a loved one
- Getting divorced
- Moving to an assisted living facility
These life changes oftentimes result in sellers having specific time constraints that they must adhere to. Many sellers will also be required to sell their existing home to purchase another one.
In the event that the seller can’t close on the sale of their existing home on time, the purchase of their next home might need to be cancelled altogether, which can add ample amounts of stress to the situation. Contingencies will be placed in the offer you make on a new home that states the contract can be cancelled if you’re unable to close on time with your previous home.
Sellers Anxious About Not Getting the Price They Want
Another common anxiety among sellers is the possibility that they won’t receive the price they want for their home. Around 60% of all sellers lower the sale price for their home at least once before the sale goes through. Even if you aren’t required to reduce your asking price, you might need to make some price concessions that reduce your profits.
For instance, some sellers are asked to pay for the buyer’s final closing costs, which can add up to around 3% of the listing price. If issues in your home were detected during the inspection, a concession for repairs might be added to the contract, which you may need to pay to continue the closing process.
What Issues Stress Out Sellers Most?
There are nine common issues that have been found to stress out sellers more than anything. If you believe that you’ll encounter these issues while attempting to sell for your home, you can plan how to navigate them beforehand.
1. Your Real Estate Agent
This is the first issue that most sellers stress about when selling a home. When you’ve hired a reputable real estate agent, he or she should be able to anticipate your needs, understand what price you want, and help you negotiate with any interested parties.
If you make the mistake of hiring an inexperienced agent, your home could sell for less than you’d like, which is why it’s essential that you do extensive research before making a hire. If you’re unsure about the agent you want to hire, consider asking for a non-exclusive contract, which means that you won’t face any penalties if you eventually seek the services of another realtor.
2. The Buyer is Unreasonable
When selling a home, the buyer might ask for too many concessions. For instance, they might first ask you to reduce the price of the home. Once you agree with their request, they could ask you to cover some of the closing costs. Since these negotiations occur between the agents who represent both parties, any additional request will delay the timeline by a day or two, which can make for a stressful situation.
3. Home Inspections
Home inspections can also induce a considerable amount of stress for the seller. In the event that a large number of problems are found in your home and on your property, the buyer has several options at their disposal. For instance, they might ask you to reduce your asking price to account for the repairs they’ll need to make soon after moving in. They could also ask you to make repairs before the closing process comes to an end, which only serves to add more stress.
A third option that the buyer might take advantage of is the ability to get out of the purchase contract, which means that you’ll need to take time to put your home back on the market and wait for another offer to come in. If the buyer got out of the deal because of the need for numerous repairs, you may even be tasked with making these repairs before placing your home back on the market.
4. Appraisal Timelines and Lowballs
It’s possible for an appraisal to take anywhere from a couple of days to a few weeks, which means that you’ll be left wondering if the appraiser will value your home at or above the sale price. If it’s appraised above the sale price, there shouldn’t be anything to worry about.
On the other hand, it’s possible for the appraisal value to be lower than the sale price, which means that the lender will only provide the borrower with a loan that matches the appraised value. The remainder of the money that’s owed to you would need to be paid by the buyer. In many cases, the buyer will pay. If, however, the buyer doesn’t have the necessary funds, they could back out of the deal entirely.
5. Buyer Response Times
When a buyer first makes an offer, there can be a surprising amount of time between the initial offer and the contract being signed by both parties. During negotiations, it’s possible that the buyer will be slow to respond to certain queries, which can cause the process to drag on and stress levels to spike.
6. Title Defects
Another issue that causes stress is the potential for title defects, which are usually revealed following a title search. It’s possible that an unexpected lien or defect could be discovered on the title.
In the event that the defect isn’t easy to correct, the closing process could be delayed substantially. In this scenario, the buyer might walk away from the deal entirely, which they can do because of the contingencies that have been placed in the purchase agreement.
7. The Financial Aspects of Selling Become Overwhelming
There’s also a possibility that the financial aspects of selling your home could become overwhelming. While the buyer is taking on the brunt of the financial aspects of this deal, there are also a few things that you should take into account. If you still owe a considerable sum of money on your existing mortgage, you’ll need to pay off the entirety of the loan amount immediately after your home is sold.
The amount of money that’s left after your lender is paid can be used to build a new home, make an offer on a pre-built home, or rent an apartment. Owning a home provides you with a level of financial security that you may no longer have if you go through with the sale, which can make for a stressful and frightening prospect.
8. A Significant Other Is Adding to the Pressure
Dealing with two buyers can be significantly more challenging than dealing with one. During negotiations, one of the buyers could be more receptive to what you’re offering, while the co-buyer might be attempting to get too many concessions before the purchase agreement is signed. In this situation, it’s best to have a reputable real estate agent who can help smooth out any issues.
9. Signs of Seller’s Remorse Start Appearing
If you’ve lived for many years in a home that you love, it’s normal to start second-guessing your decision to sell soon after the buyer accepts your offer. In this scenario, the doubts and worry you feel will likely compound your stress. Keep in mind, however, that starting anything new is always going to present a challenge. As long as you have another living situation lined up, try to focus on the positives instead of looking at the past.
Avoid Stressful Sales with CC Capital
At CC Capital, we aim to help our clients avoid stressful home sales by simplifying the entire home-selling process. If you wish to sell your home but don’t want to go through the hassle of placing your property on the market and waiting for a potential buyer to make an offer, our all-cash offer might be appealing to you.
When you first contact us, we’ll immediately start assessing your home to determine what its value is. We’ll then start working on an offer that’s customized to suit your situation. If you accept our offer, we can close on the sale in the timeline you prefer. Because of how simple we’ve made the home-selling process, you shouldn’t feel too much stress during the process.
Deciding to sell a home is never easy. Even if you’re about to make an offer on your dream home, it can be difficult to say goodbye to a place you’ve lived in for years. You can avoid most of the stress that comes with selling a home by calling CC capital and starting the home-selling process.
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