There is a shift occurring in the housing market. At the same time that the number of homes for sale is increasing, moderate buyer activity is being caused by higher mortgage rates.
Furthermore, you might not be aware of that if you aren't working with an agent. This is the drawback. You cannot modify your expectations or plan to fit the current market if you lack knowledge. And that can result in several expensive errors.
Here are a few of the more typical ones, along with tips from an agent to help you steer clear of them when you sell.
1. Pricing Your House Over Market Value
Many sellers set their asking prices excessively high, which is why there is an increase in homes with price reductions today. Unrealistic pricing will turn off potential buyers, produce an appraisal difficulty, or cause your home to linger on the market for longer. 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 . . .
To prevent slipping into this trap, work with a professional. An realtor evaluates recent sales of similar properties, your home's condition, local market trends, and other factors to determine the price that will attract more buyers, resulting in many offers and a faster sale.
2. Avoiding Minimal Items
You may try to avoid important repairs by supposing you can delegate the duty to your buyer. However, apparent flaws (even minor ones) can deter potential buyers, resulting in reduced offers or demands for concessions. As Money Talks News reports:
“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.”
Your agent is the ideal person to ask for guidance on getting your house ready to sell. They will be able to coach you through the process and point out anything you should do before the photographer arrives.
3. Making Sale Personal
Buyers today are suffering the effects of rising home prices and borrowing rates. With such tight affordability, they may make an offer that is lower than you would like - especially if you did not stage, price, or prepare the home adequately.
Please don't take this personally. Getting excessively emotional can jeopardize the sale. According to an article from 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.”
4. My Way or the Highway
The number of properties for sale has increased. Buyers now have more options, which increases their bargaining power. As a seller, you may notice more buyers demanding inspections, repairs, or assistance with closing expenses today. You must be prepared to have these conversations. US 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 lead you through which levers to pull based on your specific goals, budget, and schedule.
5. Not Hiring a Realtor
Notice anything? Working with an agent can help avoid these problems from occurring in the first place. As a result, selling your home without the assistance of an agent is the worst error you can do.
Real estate brokers are knowledgeable about pricing, marketing, and negotiating, among other things. That information simplifies the selling process, usually generates more interest, and can result in a higher final price.
In Conclusion
If you want to prevent making mistakes like these, you should contact Chris Pataki of RE/MAX Associates today.
by kcm.com
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