The housing market is currently in a state of transition. With the increase in mortgage rates, buyer activity is becoming more moderate, while there is a simultaneous growth in the supply of homes for sale.

If you're not working with an agent, you might not be aware of this important point: Without being informed, you won't be able to adapt your approach or expectations to the current market. And this could result in a variety of expensive mistakes.

Common Mistakes to Avoid When Selling Your Home

When selling your home, there are common mistakes to avoid. An agent will help you steer clear of these pitfalls.

1. Overpricing Your House

Many sellers end up pricing their homes too high, which has resulted in more properties seeing price reductions recently. Setting an unrealistic price can turn away potential buyers, create problems during the appraisal process, or result in a longer time on the market. According to an article by the National Association of Realtors (NAR):

““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 . . .”
”

— National Association of Realtors (NAR)

To steer clear of this pitfall, team up with a professional. A real estate agent leverages recent sales of comparable homes, your property's condition, local market patterns, and various other factors to determine the ideal price. This strategy aims to draw in more potential buyers, leading to multiple offers and a quicker sale.

2. Skipping the Small Stuff

Ignoring significant repairs might seem like a shortcut, hoping the buyer will handle them. However, even minor visible problems can deter potential buyers, leading to reduced offers or requests 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.”
”

— Money Talks

When preparing your house for sale, your best resource for guidance is your real estate agent. They can conduct a walk-through with you to identify any necessary tasks before the photographer arrives.

3. Not Looking at Things Objectively

Buyers nowadays are facing the challenge of rising home prices and mortgage rates. Given the constrained affordability, they might make an offer that's below your expectations, especially if the house wasn't properly staged, priced, or marketed.

It's crucial not to take this personally. Becoming too emotional could jeopardize the sale, as noted in an article by Ramsey Solutions.

““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.”
”

— Ramsey Solutions

4. Being Unwilling To Negotiate

The inventory of homes available for sale has increased, giving buyers a wider selection and more leverage during negotiations. As a seller, you might encounter more buyers seeking inspections, asking for repairs, or requesting assistance with closing costs. It's important to be ready for these discussions, as highlighted by 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 agree to a credit for a minor repair the inspector found.”
”

— U.S. News Real Estate

An agent will guide you on the actions you might consider taking, depending on your specific goals, budget, and timeframe.

5. Not Using a Real Estate Agent

Notice any errors? Partnering with a real estate agent can help you avoid these mistakes altogether. It's clear that attempting to sell your home without an agent is the most significant mistake you can make.

Real estate agents bring knowledge and skills in pricing, marketing, negotiating, and various other aspects. This expertise helps simplify the selling process, often leading to increased interest and potentially securing a higher final price.