Giving up the family home can be tough, especially when there are emotional ties involved.
When making decisions on selling a home, emotions have to be left at the door, according to the Equifax blog. Being able to disconnect will make for better financial decisions.
“We’re much more emotional, like Homer Simpson in our thinking, rather than logical like Spock from ‘Star Trek,’” Jan Cullinane, a retirement expert and author of “the New Retirement: The Ultimate Guide to the Rest of Your Life,” told Equifax. “When it comes time to sell our home, it helps if we are aware of these factors and how we think.”
For example, consumers tend to be loss averse, so they are likely to let emotions get in the way when faced with selling a house for less than they bought it for.
“We feel worse about a loss than we feel happy about a gain,” Cullinane told the Equifax blog.