For Sellers, Emotions Trump More Money
Home sellers today are twice as likely to choose an offer based on emotion rather than money alone compared to the years prior to the recession, according to a recent study of more than 1,500 home seller which analyzed real estate trends in the past decade.
Since 2014, more than one in four sellers nationally sold their home in less than two weeks. But despite the higher prevalence of multiple bids and offers above asking price, sellers judge an offer based more on emotions than the extra money, the study found.
The national housing market has changed significantly over the past decade, and seller sentiments have evolved. Home sellers often want to feel emotionally connected to the buyer. These findings should give solace to buyers in highly competitive markets who may present a compelling story as to why they should be the next owners of the home.