There is a shift occurring in the housing market. At the same time that the number of homes for sale is increasing, moderate buyer activity is being caused by higher mortgage rates.
Furthermore, you might not be aware of that if you aren’t working with an agent. This is the drawback. You cannot modify your expectations or plan to fit the current market if you lack knowledge. And that can result in several expensive errors.
Here are a few of the more typical ones, along with tips from an agent to help you steer clear of them when you sell.
1. Overpricing Your House
There’s an increase in homes with price reductions these days since many sellers set their asking price too high. Setting a price that is too high will turn off buyers, create problems with the appraisal, or make your home linger on the market longer. The National Association of Realtors (NAR) provides an explanation in an article.
“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 . . .”
Collaborate with an expert to steer clear of these pitfalls. An realtor finds the price that will draw more buyers, encourage multiple offers, and expedite the sale by utilising a variety of factors, including the condition of your home, recent sales of comparable properties, local market trends, and much more.
2. Skipping the Small Stuff
You can attempt to put off necessary repairs in the hopes that your buyer will take over. However, obvious flaws, no matter how little, might put off buyers and lead to lower offers or demands for concessions. According to Money Talks News:
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.”
Your agent is the best person to ask for guidance on how to prepare your house for sale. They will be able to lead you through a walkthrough and highlight any tasks you should complete before the photographer arrives.
3. Not Looking at Things Objectively
The burden of high mortgage rates and housing prices is currently being felt by buyers. If you stage, price, or market the house poorly, they can make an offer that is lower than what you would have liked to see given the tight budget. It’s critical that you keep this in perspective.
Over-emotionality may jeopardize the deal. According to a Ramsey Solutions article:
“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 towards negotiating. Work with your agent and make a counteroffer.”
4. Being unwilling to negotiate
The number of houses up for sale has increased. Because of their increased options, purchasers will have more negotiating leverage. These days, as a seller, you can witness an increase in the number of purchasers requesting inspections, repairs, or assistance with closing costs.
You must be ready for those kinds of discussions. According to U.S. News Real Estate:
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 agreeing to a credit for a minor repair the inspector found.
You can work with an agent to determine which levers, given your goals, financial situation, and time frame, you would want to pull.
5. Not Using a Real Estate Agent
Have you noticed anything? Working with an agent can help you avoid making any of these mistakes in the first place. Therefore, the worst mistake of all is attempting to sell your house without the assistance of an agent. In addition to other areas, real estate brokers are skilled in marketing, negotiation, and pricing. This information expedites the selling process, typically generates more interest, and eventually raises the asking price.
Bottom Line
You should work with a real estate professional if you want to stay away from mistakes like these.