From realtor.com:
http://www.realtor.com/advice/sell/why-are-you-selling/
“Why are you selling your house?” might seem like a perfectly innocent question from home buyers, but watch out—if you’re the home seller they’re asking, this is one of the diciest questions you can answer.
The reason: Pretty much any explanation you give is bound to contain revealing info that these home buyers could use against you, thereby compromising your negotiating power.
So, what’s a bad answer?
Well, there are many, actually, like these doozies below.
- ‘I got transferred for my job’
This is one of the most common reasons why people sell their house. In fact, 17% of people surveyed by the moving company Allied Van Lines said they’ve been relocated for a job. Nonetheless, revealing this to home buyers could make them think that you’re desperate to sell fast and, in turn, lead them to make a lowball offer.
- ‘Our family needs a bigger house’
Trading up? Don’t relay that to home buyers. The reason is pretty simple: “You don’t want to give buyers the idea that the house may not be enough room for them, either,” says Crawford. Similarly…
- ‘Now that our children have left the nest, we’re ready to downsize’
Downsizing makes total sense for empty nesters and retirees, but likewise, you don’t want home buyers to think that your house is too large and difficult to maintain.
- ‘We need a smaller mortgage payment’
There are a couple of reasons why this response is a bad idea. First, you don’t want to give the impression that the house is too expensive or overpriced. Second, you don’t want home buyers to presume that your finances are in such poor shape that you’d accept a lowball offer. Put simply, “Never discuss your financial situation,” says Beckman.
- ‘We’ve already bought our next house’
If you want to fetch top dollar for your house, don’t divulge that you’ve already purchased your next home. “It makes the home buyer think that there’s a sense of urgency and that you have to sell quickly,” says Crawford—which is a valid assumption, considering that a lot of people can’t afford to carry two mortgages at once.
- ‘We want a quieter neighborhood’
Steer clear of saying anything that could paint the neighborhood in a negative light. Even saying that the area is quiet could backfire. “You don’t know what a home buyer wants,” says Beckman. For instance, some people are drawn to areas with a hopping night life (and the noise that entails), or at least a place where the streets aren’t barren by 8 p.m.
- ‘We need to move closer to our parents to help care for them’
Many people move to be closer to family—and in some cases, it’s out of necessity. However, there’s no need to share that information with home buyers, since this suggests you have to sell your home pronto.
- ‘My back problems make it too difficult for me to climb the stairs’
A number of home sellers move out of two- or three-story houses for health reasons. However, you don’t want to draw attention to the fact that there are a lot of stairs throughout the home, since it could scare off older home buyers or home buyers with young children.
- ‘Our utility bills are through the roof’
Energy-efficient home features are all the rage nowadays, which makes sense when you consider that home owners spend on average $1,945 a year on their energy bills. But some home buyers still overlook utility costs when they go house hunting. So, the very last thing you want to do is draw attention to the fact that your gas or electric bills are expensive.
- ‘The house is too difficult for us to maintain’
No one wants to buy a money pit. So, even if you’re selling a clear fixer-upper, don’t mention maintenance costs to a home buyer. Also avoid talking about repairs that you just never got around to making, like repairing the bathtub caulking, as well as big projects like replacing the 20-year-old water heater—all reasons for home buyers to think twice about making an offer.
What about this answer: “Take advantage of primary home tax exclusion.”
This answer doesn’t indicate we are at the peak of housing. The sellers still have to buy a primary homes. It’s not like they are out of market. But it makes sense to think about it especially when the gain is approaching $500k. Of course, property tax and sales commission are factors to consider together in order to make a decision, and any decision is subjective anyway.
“any decision is subjective anyway.”
I have a friend who is a hedge fund trader. In Irvine. He doesn’t trade the market proper. He and his cohorts trade exclusively off the trades of another hedge fund. They always trade against this fund. Nothing else. Every day, they trade against them. Currently, they’re doing swell.
Some decisions are far less “subjective” than others.
1. Learn the math of your business.
2. There’s a lot to learn.
3. If you don’t learn it, the people who have will exploit you.
4. If you don’t have the time, or brains for it, get good help.
How about “Because we’re moving to a city that has a pro football team and/or any sports franchise with a chance of at least playing .500 in season before we croak?”
How about “Because we’re moving to a city that has a pro football team and/or any sports franchise with a chance of at least playing .500 in season before we croak?”
LOL 😆 You are obviously desperate!
Since every answer listed is damaging, perhaps the author could make himself useful and suggest some good answers that enhance the seller’s opportunities.
“Since every answer listed is damaging, perhaps the author could make himself useful and suggest some good answers that enhance the seller’s opportunities.”
Every time my wife tries to plant a rose bush, she gets a shot of oil in the face.
She loves to garden, and we’re tired of it.
– Texas Sellers Only
Might be too soon for that one??
How about: “I can’t keep up with the constant requests to host dinner parties, swimming get togethers, charity events, and out of town hosts. Moving back to a tract house so everyone won’t want to be entertained at my house.”
Sometime around 2005 I spent a few days in Medford, Oregon looking for investment properties. On one Sunday I went to 10 open houses, and at each one asked that question. The answer for 9 of them was “leaving the area.” (the 10th was “need the money to start a distillery” I kid you not). I decided not to invest in the Medford area.
I agree anything negative about the property is a poor choice (“Got to get away from that #%&@# barking dog next door”) but the author’s logic seems to be able to turn any answer into a negative. I would probably lean toward something neutral that didn’t disclose any personal information, e.g. “desire for a change.”
My wife wants a horse and the HOA in our condo tower is telling us that’s against the maximum 2 animal 25 lb. max weight apiece rule and they’re not working with us on it.
Besides…whoa…a billionaire with a 9 in front of the zeros is starting a new pro sports franchise here so that last excuse is no good…
‘San Diego’s new team comes with new owner, new attitude’
San Diego is getting a new professional sports team.
It will play in one of our existing venues. Signed, sealed and delivered. No vote required.
You probably have never heard of the league in which our new team will play. It wasn’t all that long ago this league’s commissioner had never heard of this league.
So, the least inspiring part of this story – at least for most, at least for now – is that Valley View Casino Center is going to be home to a National Lacrosse League franchise that will begin play in November 2018.
Woo-hoo! See YOU at the Double V!
http://www.sandiegouniontribune.com/sports/columnists/kevin-acee/sd-sp-acee-lacrosse-nll-tsai-0830-story.html