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Having the right strategies and expectations is key if you want to sell your house. But some sellers haven’t adjusted to where the market is today. They’re not factoring in more homes for sale or in buyers being more selective with their budgets. And those sellers are making some costly mistakes.
Here’s a quick rundown of sellers’ three most common missteps and how partnering with an expert agent can help you avoid every single one.
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 will it sell? This is precisely why more sellers are having to make price cuts.
To avoid this headache, trust your agent’s expertise from day 1. A great agent will be able to tell you what your neighbor’s house just sold for and how that impacts the value of your home.
2. Skipping Repairs
Another common mistake is trying to avoid doing work on your house. That leaky faucet or squeaky door might not bother you, but minor maintenance issues can be red flags to buyers. They may assume those little flaws are signs of more significant 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.”
The solution? Work with your agent to prioritize anything you must tackle before the photographer arrives. These minor upgrades can pay off big when it’s time to sell.
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. Your agent can help you negotiate confidently without letting emotions cloud your judgment.
At the same time, with more homes on the market, buyers have options — and with that comes more negotiating power. They may ask for repairs, closing cost assistance, or other concessions. Be prepared to have these conversations. Again, lean on your agent to guide you. Sometimes, a tiny 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 to cover some of the buyer’s closing costs or agree to a credit for a minor repair the inspector found.”
The Biggest Mistake of All? Not Using a Real Estate Agent
Do you notice anything? Partnering with an agent helps prevent each of these mistakes from happening. That makes selling your house without an agent’s help the biggest mistake.
Bottom Line
Start with the right plan and agent to avoid these common mistakes. Let’s connect so you don’t fall into any of these traps.
