The Biggest Mistakes Sellers Are Making Right Now
The housing market is currently in a state of 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 a real estate agent, you might not be aware of these changes, and that can lead to costly mistakes. Here’s a look at some of the most common errors sellers are making and how an agent can help you avoid them:
1. Overpricing Your House
Many sellers set their asking price too high, leading to an uptick in homes with price reductions. An unrealistic price can deter potential buyers, cause appraisal issues, or result in your house sitting on the market longer than necessary. According to 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 avoid this trap, partner with a pro. A real estate agent uses recent sales data of similar homes, the condition of your house, and local market trends to find the right price that will attract more buyers, opening the door for multiple offers and a faster sale.
2. Skipping the Small Stuff
Skipping important repairs can turn off potential buyers, leading to lower offers or demands for concessions. Money Talks News explains:
“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.”
An agent can walk through your home and point out necessary fixes before the photographer arrives, ensuring your home is in the best possible condition.
3. Not Looking at Things Objectively
High home prices and mortgage rates mean buyers may offer less than you’d like. It’s important not to take these offers personally. Ramsey Solutions advises:
“Remember, a buyer’s offer is not a reflection of their opinion of your home or your housekeeping abilities . . . If they start out with a low offer, don’t take it personally. Instead, channel that energy toward negotiating.”
4. Being Unwilling To Negotiate
With more homes on the market, buyers have increased negotiating power. You may see more requests for inspections, repairs, or assistance with closing costs. U.S. News Real Estate suggests:
“If you’ve received an offer for your house that isn’t quite what you’d hoped it would be, expect to negotiate . . . make sure the buyer also feels like he or she benefits.”
An agent will help you navigate these negotiations, advising you on the best ways to respond to buyer requests.
5. Not Using a Real Estate Agent
For each of these mistakes, partnering with an agent can help prevent them. Real estate agents have the experience and expertise to streamline the selling process, attract more interest, and potentially get you a higher final price. Trying to sell your house without an agent’s help can be the biggest mistake of all.
Bottom Line
Avoid these common mistakes by working with a real estate agent. If you’re ready to sell your home, connect with the Burroughs Real Estate Team today! We can guide you through the process, ensuring you make the most informed decisions and achieve the best possible outcome.
