If you want to sell your house, having the right strategies and expectations is key. But some sellers haven't adjusted to where the market is today, which often results in costly mistakes. It is important to factor in the fact that buyers are market savvy and are being more selective with their budgets.
Here's a quick rundown of the 3 most common missteps sellers are making, and how partnering me can help you avoid them.
1. Pricing the Home Too High
According to a survey by John Burns Real Estate Consulting (JBREC) and Keeping Current Matters (KCM), real estate agents agree the #1 thing sellers struggle with right now is setting the right price for their house (see graph below):
And more often than not, homeowners tend to overprice their listings. If you aren't up to speed on what's happening in your local market, you may give in to the temptation to price high so you can have as much wiggle room as possible to negotiate. You don't want to do this.
Today's buyers are more cautious due to higher rates and tight budgets, and a price that feels out of reach will scare them off. And if no one's looking at your house, how's it going to sell? This is exactly why more sellers are having to do price cuts.
2. Skipping Repairs
Another common mistake is trying to avoid doing work on your house. That leaky faucet or light that doesn't work might not bother you, but to buyers, small maintenance issues can be red flags. They may assume those little flaws are signs of bigger problems — and it could cost you when offers come in lower or buyers ask for concessions. As Investopedia says:
"Sellers who do not clean and stage their homes throw money down the drain. . . Failing to do these things can reduce your sales price and may also prevent you from getting a sale at all. If you haven't attended to minor issues, such as a broken doorknob or dripping faucet, a potential buyer may wonder whether the house has larger, costlier issues that haven't been addressed either."
3. Refusing To Negotiate
Buyers today are feeling the pinch of high home prices and mortgage rates. With affordability that tight, they may come in with an offer that's lower than you want to see. Don't take it personally. Instead, focus on the end goal: selling your house. I can help you negotiate confidently without letting emotions cloud your judgment.
At the same time, with more home savvy, buyers will wait for the "right one". They may ask for repairs or other concessions. Be prepared to have these conversations. Again, lean on me, as your agent, to guide you. Sometimes a small compromise can seal the deal without derailing your bottom line. 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 make sure the buyer also feels like he or she benefits . . . consider offering . . . a credit for a minor repair the inspector found."
Bottom Line
I am more than happy to offer my professional advice and expertise, cultivated over years of experience, to help you avoid common mistakes. By starting with the right plan and seeing it through, you can enjoy a smooth, successful and profitable sale.
Reach out if you would like a free market analysis of your home.
