If you're looking to sell your home, it's crucial to have the right strategies and set appropriate expectations. Unfortunately, some sellers haven't adapted to the current market conditions. They aren't considering that there are more homes available and that buyers are being more selective with their spending. This oversight can lead to some expensive mistakes.

Let’s go over the three biggest mistakes sellers often make and see how working with an expert agent can help you steer clear of all of them.

1. Overpricing the Home

A recent survey by John Burns Real Estate Consulting and Keeping Current Matters found that the biggest challenge sellers are facing today is figuring out the right price for their home, according to real estate agents.

Homeowners frequently set their property prices higher than necessary. If you're not fully aware of the trends in your local market, it can be tempting to price your home high, hoping to leave room for negotiation. However, this approach can backfire. It's important to stay informed and price your home appropriately.

Today's buyers are being more careful because of higher interest rates and limited budgets. If the price of your home seems too high, it might deter potential buyers. If no one is interested in your property, it won't sell. That's why more sellers are deciding to lower their prices.

To steer clear of any hassles, rely on your agent’s knowledge from the very beginning. A skilled agent can inform you of what your neighbor’s house recently sold for and explain how that affects your home’s value.

2. Neglecting Necessary Repairs

One frequent mistake people make is neglecting repairs around the house. That leaky faucet or squeaky door might not bother you much, but to potential buyers, those little maintenance issues can raise alarms. They might see those minor flaws as indicators of larger problems. This perception could lead to lower offers or buyers requesting concessions, ultimately costing you.

““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.”
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— Investopedia

The best approach is to collaborate with your agent to identify the tasks you need to complete before the photographer arrives. Taking care of these small improvements can lead to significant benefits when it’s time to sell your home.

3. Unwillingness to Negotiate

Buyers are really feeling the impact of rising home prices and mortgage rates these days. With affordability being so limited, they might present an offer that’s lower than what you hoped for. It’s important not to take that personally. Keep your focus on your main goal: selling your house. Your agent is there to assist you in negotiating effectively, making sure emotions don’t interfere with your decisions.

More homes are hitting the market, which means buyers now have more choices and can negotiate better. They might request repairs, ask for help with closing costs, or seek other concessions. It’s important to be ready for these discussions. Your agent can offer valuable guidance here. Often, a minor compromise can help finalize a deal without hurting your finances too much. As stated 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.”
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— U.S. News Real Estate

The Biggest Mistake of All? Going Without a Real Estate Agent

Did you notice anything? Working with an agent can help you avoid these common mistakes right from the start. That’s why trying to sell your house without an agent's assistance can be the biggest mistake you make.