Judy and Dave want to sell their home... Or do they?
It took Judy six months to convince Dave they needed to move, as the home had become unbearably small for the family. Yet Dave delayed in doing the renovations needed to get their house market-ready. He reluctantly, finally agreed to have the home evaluated.
They sought opinions of value from three different realtors. Judy felt the two of the opinions of $330,000 reflected the home's value. Dave liked the higher estimate of $350,000 the one realtor said was the "average" home price in their neighbourhood.
To leave room to negotiate, Dave chose a list price of $360,000. "We can always come down," he reasoned.
What's wrong with this scenario? Three things, to start:
- The spouses' motivation level, and reasons, for selling are poles apart.
- Some agents have ulterior motives that heighten the conflict. For example, the realtor could be appealing to Dave's greedy self-interest and biases - telling him what he wants to hear. Or the realtor may have nurtured the relationship over time and fears offending the seller and losing the listing.
- The results can be a list price that is incompatible with the market and - the real tragedy - the home is ignored by buyers and their agents!
On the chance that a buyer does make an offer, will Dave demonstrate the flexibility needed to engage the buyer into a successful negotiation, or will he express rigidity and scare off the buyer?
In real estate, collective dissonance plays out a lot - in ways that likely vary as much as marriages and friendships do. Like in all partnerships, you are as strong as your weakest link!
As their home sits on the market, with nary an offer, Dave and Judy could find their home-listing standoff turn into an even more expensive proposition... divorce!
Eugene Pilato is broker of record at Century21 Today Realty Ltd. in Fort Erie, ON.
Can you relate to this situation? If you and your spouse don't see eye-to-eye on home selling, why not and what are you doing about it?