When an investor is asked about the secret to garnering profits the answer will typically be along the lines of: “buy low, sell high.” There is no emotion attached to these financial decisions.
But the answer is never really as simple as that when buying or selling real estate that is intended to be used as a personal residence. Because there are many factors other than price that contribute to a purchase or sale decision.
Some of these factors are financial, and some are emotional. Real estate can have tremendous value that cannot be measured in dollars and cents. It can only be assessed against a personal lifestyle benchmark that is completely subjective.
Over the course of my many years in the real estate business, I would propose that the average owner-occupied transaction is 50%-50% with regards to money and emotion. Buyers fall in love with houses. Sellers can be emotionally attached to the place where so many life events have taken place.
It’s nearly impossible to eliminate these feelings that often go beyond the realm of good financial sense. And we shouldn’t try to do that anyway.
It’s not just a house. It’s a place where life happens!
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