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Why buying your home didn't prepare you to sell it
In this video
The short version
From Chapter 2 of The Auction Trap. Buying a home teaches you almost nothing about selling one.
- Buying is reactive. Someone else set the price and designed the process. Once your finance was approved, your job was mostly done.
- Selling is the opposite. As a buyer you respond to the market. As a seller you are responsible for creating the outcome.
- Your price is built, not set. The method of sale, timing, presentation, the agent you choose and the negotiation each carry a dollar figure.
- Buying at auction is not selling at auction. As a buyer, other bidders' hesitation worked for you. As a seller, the same hesitation works against you.
- The incentives differ. Selling for $800,000 instead of $750,000 is huge for you. For the agent the extra commission is relatively small. What matters most to them is that the sale happens, and soon. That's a knowledge gap, and it can be closed.
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