Buying an Asheville NC House for Sale comes with far more emotional weight than any other investment we make.
An Asheville, NC House for Sale is more than a home. It’s a refuge from the world, a place to raise a family and, for some people, an investment they hope will bring them a good chunk of money down the road.
We fall in love with houses in a way that we never fall in love with a portfolio of stocks and bonds.
Sometimes we don’t realize that how we feel about homes blinds us when it comes time to buy or sell.
We prioritize one set of emotional needs over others and ignoring them leads to making bad financial decisions that cripple finances for decades.
Our emotions blind us to the cold, hard facts about the market or the realities of ownership.
Some people might focus on their desire for a house that’s a certain size or style, but ignore the fact that they want to spend as much time as possible with family. So they might buy a “perfect” house that requires them to make a long daily commute to work and keeps them away from home for two extra hours each day.
The Asheville NC house for sale selling side of the equation brings its own set of issues.
Homeowners often have an overly optimistic view of their Asheville NC house for sale and expect it to increase in value far beyond reasonable expectations.
When it’s put on the market, they often stubbornly cling to their asking price—even if it means leaving it up for sale far longer than they planned, and risking the possibility of not selling it at all.
Don’t Ignore the Big Picture
Home buyers are always looking for features:
like a longer driveway
or bigger backyard
Ones that will make them happier with their home.
But people don’t realize that those changes may not make them happier with their life as a whole.
Overlooking big expenses
Buying Asheville NC houses for sale encourages homebuyers to overlook their costs their expenses and not add up the total cost of everything needed to fix up and furnish the house, says Alex Tabarrok, a professor of economics at George Mason University.
Buying vs. Renting
The biggest budgeting concern is, of course, whether you should buy a house at all. Research shows there are psychological benefits to taking the plunge—but also to opting out.
No one likes a sore loser
Research from The Quarterly Journal of Economics has found that the most powerful emotional drive at work in a sale is loss aversion—not wanting to sell a home for less than what you paid for it.
In the same study researchers found that homeowners latch on to the price they paid for their home with the hope that they can get more when they put it on the market.
But that isn’t the soundest idea, says Christopher Mayer, a co-author of the study and a professor of real estate and economics at Columbia Business School.
Especially if your house has depreciated in value.
It’s false to assume that you’ll be able to recoup losses you’ve already incurred.
The current market price has nothing to do with how much a person actually paid for it.
Here at Asheville Realty Group, we have a deep understanding of the thought process of buying and selling an Asheville NC House for Sale. We’d love to help make you next transaction your best one yet. Give us a shout at www.ashevillerealtygroup.com