The housing market is currently undergoing a transition. Increased mortgage rates are leading to more moderate buyer activity while the supply of homes for sale is growing.
Without an agent, you might not be aware of this shift. The downside is that being uninformed can prevent you from adjusting your strategy or expectations to fit the current market conditions, potentially leading to costly mistakes.
Here are some of the most common mistakes sellers make and how an agent can help you avoid them.
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 can deter potential buyers, cause appraisal issues, or result in your house sitting on the market longer. 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 this pitfall, partner with a professional. An agent will use recent sales of similar homes, assess the condition of your house, analyze local market trends, and more to determine a price that will attract more buyers, potentially leading to multiple offers and a quicker sale.
2. Skipping the Small Stuff
You might be tempted to skip important repairs, assuming you can leave them for the buyer to handle. However, visible issues, even minor ones, can deter potential buyers and lead to lower offers or demands for concessions.
To properly prepare your house for sale, it’s best to seek advice from your agent. They can conduct a walk-through with you, highlighting any issues that need to be addressed before the photographer arrives.
3. Not Looking at Things Objectively
Buyers today are feeling the strain of high home prices and mortgage rates. Given these affordability challenges, they might make an offer lower than you’d hoped for, especially if your house wasn’t staged, priced, or marketed effectively.
It’s important not to take this personally. Letting emotions take over can jeopardize the sale. As an article from Ramsey Solutions advises:
“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 prepared for these discussions.
An agent can guide you through these negotiations, helping you understand which concessions to consider based on your goals, budget, and timeframe.
5. Not Using a Real Estate Agent
Notice anything? In each case, partnering with an agent helps prevent these mistakes. Trying to sell your house without an agent’s help is the biggest mistake of all.
Real estate agents bring experience and expertise in pricing, marketing, negotiating, and more. Their knowledge streamlines the selling process, generates more interest, and can ultimately lead to a higher final price.
Bottom Line
If you want to avoid these mistakes, let’s connect to ensure you’re set up for success.
