The Biggest Mistakes Sellers Are Making Right Now

The Biggest Mistakes Sellers Are Making Right Now

The housing market is going through a transition. Higher mortgage rates are leading to more moderate buyer activity, while the supply of homes for sale is increasing.

If you’re not working with an agent, you might not be aware of these changes. The downside is that without being informed, you can’t adjust your strategy or expectations to today’s market, potentially leading to costly mistakes.

Here’s a look at some of the most common mistakes – and how an agent can help you avoid them when you sell.

1. Overpricing Your House

Many sellers set their asking price too high, which is why there’s an increase in homes with price reductions today. An unrealistic price will deter potential buyers, cause appraisal issues, or result in your house sitting on the market longer. An article from the National Association of Realtors (NAR) explains:

“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 avoid falling into this trap, partner with a professional. An agent uses recent sales of similar homes, the condition of your house, local market trends, and more to determine a price that will attract more buyers, potentially leading to multiple offers and a faster sale.

2. Skipping the Small Stuff

You may try to skip important repairs, thinking you can pass the task on to your buyer. However, visible issues (even if they’re small) can turn off potential buyers and result in lower offers or demands for concessions. As Money Talks News says:

“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 want to get your house ready to sell, the best place to turn to for advice is your agent. They’ll be able to do a walk-through with you and point out anything you’ll need to tackle before the photographer comes in.

3. Not Looking at Things Objectively

Buyers today are feeling the pinch of high home prices and mortgage rates. With affordability so tight, they may come in with an offer that's lower than you'd like, especially if you didn't stage, price, or market the house well.

It's important not to take this personally. Getting overly emotional can put the sale at risk. As an article from Ramsey Solutions says:

“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 more negotiation power. As a seller, you may encounter more buyers requesting inspections, repairs, or help with closing costs. You need to be prepared for these conversations. 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 mistakes, partnering with an agent helps prevent them from happening in the first place. That makes trying to sell your house without an agent’s help the biggest mistake of all.

Real estate agents have experience and expertise in pricing, marketing, negotiating, and more. Their knowledge streamlines the selling process, generates more interest, and can ultimately help you achieve a higher final price.

Bottom Line

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