The Biggest Mistakes Sellers Are Making Right Now

The Biggest Mistakes Sellers Are Making Right Now

The housing market is currently in a state of transition, with higher mortgage rates leading to more moderate buyer activity while the supply of homes for sale is increasing. If you're not working with a real estate agent, you might not be aware of these shifts. The downside of being uninformed is that you won't be able to adjust your strategy or expectations to align with today's market conditions, which can result in costly mistakes. Here are some of the most common errors sellers make and how an agent can help you avoid them.

1. Overpricing Your House

Many sellers overestimate their home's value, leading to an initial asking price that is too high. This can result in a higher number of homes with price reductions, as we see today. An unrealistic price can deter potential buyers, create issues during the appraisal process, or cause the property to linger on the market longer than necessary. As noted by an article from the National Association of Realtors (NAR):

“Some sellers are pricing their homes higher than ever just because they can, but this may drive away serious buyers and result in unapproved appraisals . . .”

To steer clear of this pitfall, it's essential to work with a professional. A real estate agent leverages recent sales of comparable homes, evaluates the condition of your property, and considers local market trends and other factors to determine an attractive listing price. This approach helps draw in more buyers, increases the potential for multiple offers, and can lead to a quicker sale.

2. Skipping the Small Stuff

Opting to skip essential repairs, assuming the buyer will handle them, can backfire. Even minor visible issues can deter potential buyers, leading to lower offers or demands for concessions. As *Money Talks News* puts it:

“Home shoppers like to turn on lights, flush toilets and run the water. If these basic things don’t work, they may assume you’ve skipped other maintenance. Homes that appear neglected aren’t likely to fetch top price.”

If you're preparing to sell your home, the best source of advice is your real estate agent. They can conduct a walk-through with you and highlight any necessary tasks to address before the photographer arrives.

3. Not Looking at Things Objectively

"Buyers today are feeling the pinch of high home prices and mortgage rates. With affordability being tight, they might submit an offer lower than you'd hoped for, especially if the house wasn't staged, priced, or marketed effectively.

It's crucial not to take these offers personally. Letting emotions take over can jeopardize the sale. As an article from Ramsey Solutions states:"

“Remember, a buyer’s offer is not a reflection of their opinion of your home or your housekeeping abilities. . . The sale of your home is strictly a business transaction. If they start out with a low offer, don’t take it personally and get emotional. Instead, channel that energy toward negotiating. Work with your agent and make a counteroffer.”

4. Being Unwilling To Negotiate

"The supply of homes for sale has increased, giving buyers more options and greater negotiation power. As a seller, you may encounter more buyers requesting inspections, repairs, or assistance with closing costs. It's important to be ready for these discussions. As U.S. News Real Estate explains:"

“If you've received an offer for your house that isn't quite what you'd hoped it would be, expect to negotiate . . . the only way to come to a successful deal is to make sure the buyer also feels like he or she benefits . . . consider offering to cover some of the buyer's closing costs or agree to a credit for a minor repair the inspector found.”

An agent will walk you through what levers you may want to pull based on your own goals, budget, and timeframe.

5. Not Using a Real Estate Agent

"Notice anything? For each of these common mistakes, having a real estate agent on your side helps prevent them from happening in the first place. That means the biggest mistake you can make is trying to sell your house without an agent’s assistance.

Real estate agents bring experience and expertise in areas like pricing, marketing, and negotiating. Their knowledge not only streamlines the selling process but can also generate more interest in your home and potentially lead to a higher final sale price."

Bottom Line

If you want to avoid making these mistakes and ensure you're set up for success, let's connect.