The housing market is going through a transition. Higher mortgage rates are causing more moderate buyer activity while the supply of homes for sale grows.
If you aren’t working with an agent, you may not realize that. Here’s the downside: If you’re not informed, you can’t adjust your strategy or expectations to today’s market, which can lead to a number of costly mistakes.
Here’s a look at some of the most common ones – and how an agent will help you avoid them when you sell.
1. Overpricing Your House
Many sellers set their asking price too high, so there’s an uptick in homes with price reductions today. An unrealistic price will deter potential buyers, cause an appraisal issue, or lead to 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 pro. An agent uses recent sales of similar homes, the condition of your house, local market trends, and so much more to find the price that’ll attract more buyers and open the door for multiple offers and a faster sale.
2. Skipping the Small Stuff
You may skip important repairs, thinking you can pass the task on to your buyer. However, visible issues (even if small) can turn off potential buyers and result in lower offers or demands for concessions. As Money Talks News says:
“Home shoppers like turning on lights, flushing toilets, and running 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 dollar.”
If you want to prepare your house for sale, the best person to ask for advice is your agent. They can do a walk-through with you and point out anything you need to tackle before the photographer arrives.
3. Not Looking at Things Objectively
Buyers today are feeling the pinch of high home prices and mortgage rates. With tight affordability, they may come in with an offer lower than you’d want to see – especially if you didn’t stage, price, or market the house well.
You mustn’t take this personally. Getting overly emotional can put the sale at risk. As an article from Ramsey Solutions says:
“Remember, a buyer’s offer does not reflect their opinion of your home or your housekeeping abilities. . . The sale of your home is strictly a business transaction. If they start 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 grown. That means buyers have more options, and with that comes more negotiation power. As a seller, you may see more buyers getting an inspection, requesting repairs, or asking for help with closing costs today. You need to be prepared to have those 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 ensure the buyer also feels like he or she benefits. Consider offering to cover some of the buyer’s closing costs or agreeing to a credit for a minor repair the inspector found.”
An agent will help you determine what levers to pull based on your goals, budget, and timeframe.
5. Not Using a Real Estate Agent
Did you notice anything? Partnering with an agent helps prevent each of these mistakes. Selling your house without an agent’s help is the biggest mistake.
Real estate agents have experience and expertise in pricing, marketing, negotiating, and more. That knowledge streamlines the selling process and usually results in drumming up more interest, which ultimately can get you a higher final price.
Bottom Line
If you want to avoid making mistakes like these, let’s connect to make sure you’re set up for success.