A new survey has found almost a third of home sellers are emotionally attached to their home. Image: iStock.
ALMOST a third of homeowners admit they are so emotionally attached to their abodes that it can be akin to a death in the family when it comes time to sell.
Suncorp’s 2018 Home Index Survey reveals 27 per cent of sellers have a strong emotional connection to their homes and believe it is a key barrier restricting them selling it.
The national survey of 1500 property owners also found more than a third fear their home will not sell and 33 per cent expect it will be valued at a lower price.
A new survey has found many sellers find it hard to let go of their homes. Picture supplied by downthatlittlelane.com.au.
Suncorp behavioural economist Phil Slade said the attachment some people had to their homes was strong it could generate feelings of loss and anguish.
Mr Slade said it resulted in many sellers having a view of their homes that was not in line with the market’s and left them expecting their properties to be worth more than what was reasonable.
“Our homes generally come with more emotional weight than any other investment we make,” Mr Slade said.
“This is called the ‘endowment effect’, which sees people assign more value to things they own.
“And because our homes are where we experience the ups and downs of family life, they hold enormous value to us as owners.”
A behavioural economist says selling a home can lead to feelings of anguish and loss.
Mr Slade said homeowners need to be aware of the hidden barriers associated with selling a home.
“Many people don’t realise how emotionally connected to their homes they are, until it comes time to part with them, and people can feel guilty for selling their memories,” he said.
“This attachment can lead to people ignoring the realities of selling their homes or choosing to prioritise one set of emotional needs over others, leading to a potentially bad financial decision that could affect them in the long run.”
Emotional attachment is one of the hidden barriers associated with selling a home. Image: iStock.
Emmily Cox knows the feeling.
The Brisbane mother-of-three said she had a “meltdown” when she found out her home of 12 years had gone under contract.
“We were out having dinner and I just went into shock,” Mrs Cox said.
Mrs Cox and her husband, Danial, are selling their beloved home in Heritage Park to upgrade to a bigger property to accommodate their growing family.
But the process has been an emotional rollercoaster for Mrs Cox, who doesn’t like to even think about having to move out.
“I’m really struggling,” she said.
“When I went to (the real estate agent) and said; ‘Can you sell my home?’, I burst into tears.
“There have been a lot of sleepless nights and anxiety.”
HOW TO EMOTIONALLY DETACH FROM YOUR HOME WHEN SELLING
*Be objective about the property you’re selling
*Be realistic with price expectations by comparing recent sales of similar houses in the area
*Understand your home should appeal to what new owners are looking for
*Understand that buyers are looking for a house that feels homely, loved and looked after so they can see themselves and their families creating similar memories over the next 5-10 years