Avoid These Common Mistakes Sellers Are Making Today

The housing market is currently undergoing 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 match today's market, which can result in costly mistakes.

Here's a look at some of the most common mistakes sellers are making, and how an agent can help you avoid them when you sell.

1. Pricing Your House Too High

Many sellers set their asking price too high, which is leading to an increase in 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, work 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, generate multiple offers, and lead to a faster sale.

2. Overlooking Minor Details

You might be tempted to skip important repairs, thinking you can pass the responsibility to the buyer. However, visible issues, even small ones, can turn off potential buyers and result in lower offers or demands for concessions. As Money Talks News states:

"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."

To get your house ready to sell, seek advice from your agent. They can walk through your home and point out any necessary repairs before the photographer arrives.

3. Overlooking Objectivity in Home Selling

Today's buyers are feeling the strain of high home prices and mortgage rates. With affordability so tight, they might make offers lower than you'd like, especially if your home wasn't well-staged, priced, or marketed.

It's crucial not to take this personally. Getting overly emotional can jeopardize the sale. As an article from Ramsey Solutions explains:

"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 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. Refusing 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. 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 they benefit... 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 can guide you through the negotiation process, helping you decide which concessions to make based on your goals, budget, and timeframe.

5. Forgoing a Real Estate Agent

Notice a pattern? For each of these mistakes, partnering with an agent can help prevent them from occurring in the first place. Therefore, selling your house without an agent's assistance is often the biggest mistake of all.

Real estate agents bring experience and expertise in pricing, marketing, negotiating, and more. Their knowledge streamlines the selling process, typically generates more interest, and can lead to a higher final price.

Bottom Line

To steer clear of these common mistakes and ensure a smoother selling process, partnering with a real estate agent is essential. Their expertise in navigating the complexities of the market, from pricing and marketing to negotiations, can significantly enhance your chances of a successful sale. Working with an agent not only helps you avoid pitfalls but also maximizes your potential for a favorable outcome.