Today, more sellers likely to sell based on emotion over money

A recent survey suggests that over the past few years, sellers are more likely to chose their buyers based on emotion, rather than money.

The survey, which included about 1,500 home sellers, and focused on trends from the past decade, was conducted by Coldwell Banker Real Estate LLC.

“Despite a preponderance of multiple bids and offers above asking price, today’s home sellers are twice as likely to choose an offer based on emotion rather than money alone, compared to pre-recession years,” according to Coldwell Banker.

The survey stated that before the recession, about 20 percent of sellers accepted an offer based on emotion rather than money alone. From 2006, the number continued to rise, and it currently is 36 percent, an 89 percent increase over the past decade.

“There is a notable difference in seller psychology today compared to 10 years ago,” said Budge Huskey, president and chief executive officer for Coldwell. “The national housing market has changed significantly over the past decade, and seller sentiments have evolved. Home sellers often want to feel emotionally connected to the buyer. These findings should give solace to buyers in highly competitive markets who may present a compelling story as to why they should be the next owners of the home.”

The survey also found that homes are selling quickly. In 2014, 28 percent of sellers sold their homes in less than two weeks. Pre-recession, only about 19 percent of homes sold at that rate.

Today, 47 percent of sellers are receiving more than one offer, compared to the “initial recovery years” status of 40 percent.

In the past five years, offers above asking price have risen. During the recession, only 14 percent of sellers received an offer above asking price. Today, that number is 27 percent.

Finally, sellers no longer feel as if they have to accept the first offer. During the recession and first few years after, 58 to 59 percent of sellers took the first offer. Today, that number has dropped to 46 percent.