The housing market is going through a transition. Higher mortgage rates, short-term rental regulations, and increasing HOA dues are causing more moderate buyer activity at the same time the supply of homes for sale is growing.
Here’s a look at some of the most common mistakes that sellers are making – and how working with an agent will help you avoid them when you sell.
- Overpricing Your House
Many sellers set their asking price too high and that’s why 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.
An agent will also help you keep an eye on the market and recommend price reductions if necessary. Summit County agents have been caught a bit off-guard this year with lower-than-expected buyer traffic. Having an experienced agent who keeps his/her eye on the ever-changing market will help you ensure that you have your home priced appropriately.
- Skipping the Small Stuff
You may try to skip important repairs, thinking you can pass the task on to your buyer. But visible issues (even if they’re small) can turn off potential buyers and result in lower offers or demands for concessions. As 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 aren’t likely to fetch top price.”
If you want to get your house ready to sell, the best place to turn to for advice is your agent. They’ll be able to do a walk-through with you and point out anything you’ll need to tackle before the photographer comes in.
At Nelson Walley Real Estate, we are up-front with you regarding work that we feel should be completed on the home prior to listing. Please pay attention to the comment that was quoted above…..”If these basic things don’t work, they may assume you’ve skipped other maintenance.”
- Not Looking at Things Objectively
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’d want to see – especially if you didn’t stage, price, or market the house well.
It’s important you don’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 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
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 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.”
An agent will walk you through what levers you may want to pull based on your own goals, budget, and timeframe.
- Not Using a Real Estate Agent
Notice anything? For each of these mistakes, partnering with an agent helps prevent them from happening in the first place. That makes trying to sell your house without an agent’s help the biggest mistake of all.
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 and 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. Another thing to think about if you are planning to sell your Summit County property next summer. Keep in mind that our sales season runs roughly from mid-June to the end of September. However, as you know, things don’t usually green up around here until the end of June. So, if you are seriously planning to sell your home next summer, connect with your Realtor and suggest that exterior photos be taken THIS summer/fall while things are green or full of color. Then, you just need to focus on the interior next year right before you are ready to list.
Call Nelson Walley Real Estate today to talk about our strategies for listing your home to sell.