The Biggest Mistakes Sellers Are Making Right Now
The housing market is going through a transition where there are higher mortgage rates that are causing more buyer activity at the same time the supply of homes for sale are growing.
You may not realize this if you are not working with an agent. Here is the downside: If you are not informed of these things, you cannot adjust your expectations or strategy to today’s market. This can lead to a number of costly mistakes.
We will take a look at some of the most common mistakes and how Clara Duran Reed from The Duran Reed Firm Realtors can help you avoid them when you sell.
Overpricing Your House
When sellers put their house on the market, they often set their asking price too high which has caused problems in the real estate market. Unrealistic prices will deter potential buyers that can lead your house to be on the market for twice as long or longer. This can also cause an appraisal issue. 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 issue would be best to partner with an agent, such as Clara. Agents know how to properly list your house on the market and know the right price for doing so that will attract more buyers and will help in having a faster sale.
Skipping the Small Stuff
Don’t think that you can skip important repairs that need to be done for the house. You may think you can skip repairs and let the buyer take care of it. However, any visible issues that a potential buyer can see will turn them off from buying the house or result in lower offers for concessions. Money Talks News says:
“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 are likely to fetch top price.”
When getting your house ready to sell, the place place to turn to is your agent. An agent will help guide you through a walk-through and point out anything you need to get done, repair, or clean up before the photographer comes in to take pictures for the listing.
Not Looking at Things Objectively
Buyers today feel very tight financially with the home prices and mortgage rates. With affordability being so tight these days, buyers will have lower offers that may turn off the seller from accepting them. A huge factor that could influence the buyer in lowering the price of the home would be if you didn’t price, market, or stage the house well.
It’s important to not take this personally because getting too emotional can put the sale at risk. An article from Ramsey Solutions says:
“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 toward negotiating. Work with your agent and make a counteroffer.”
Being Unwilling to Negotiate
There has been an increase of supply of homes for sale. This means that buyers have more options, and with that comes more power in negotiation. If you are a seller, you may see more buyers requesting repairs, getting an inspection, or asking for help with closing costs. Its crucial for you to be prepared to have those conversations. 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 to cover some of the buyer’s closing costs or agree to a credit for a minor repair the inspector found.”
Clara will help walk with you to help guide you with your goals, budget, and timeframe.
Not Using a Real Estate Agent
Do you happen to notice any patterns in these helpful tips? For each of these mistakes, partnering with a real estate agent will help prevent you from making them. This makes trying to sell your house without the help of an agent the biggest mistake you could make.
Real estate agents have experience in selling other people’s homes, they know more about pricing, negotiating, and marketing. This helps the selling process and usually results in stirring up more interest and can ultimately get you a higher final price.
Bottom Line
To avoid making any of these mistakes, work with our realtor, Clara Duran Reed from The Duran Reed Firm Realtors and she can help guide you in the right direction!