The 4 biggest mistakes sellers are making now range from a failure to make repairs to overpricing. The spring market is about to start and if you want to sell your home this year, then you should avoid these mistakes which will cost you time on the market and put less money in your pocket! If you want to sell your house, having the right strategies and expectations is key. But some sellers haven’t adjusted to where the market is today. They’re not factoring in that there are more homes for sale or that buyers are being more selective with their budgets. And those sellers are making some costly mistakes.

Here’s a quick rundown of the 4 most common missteps sellers are making, and how partnering with an expert agent can help you avoid every single one of them.

First of the 4 Biggest Mistakes Sellers are Making Now

The biggest of the 4 mistakes sellers are making is ignoring the market’s pricing message.  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):

4 Mistakes sellers are making now

Homeowners tend to overprice their listings.  It’s hard not to do this.  You know your house better than anyone else and you love it.  Most sellers feel that their home is better than anyone else’s on the block.  That pink shag carpet from 1975 is surely worth an extra $10k if you can just find the right buyer and the avocado appliances are clearly vintage!  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’s it going to sell? This is exactly why more sellers are having to do price cuts.  In fact, the share of listings with price cuts grew once again compared with last year, with 15.6% of sellers cutting prices in the month of January,  up from 14.7% in January 2024.  Reflecting this, on a national basis homes spent 73 days on the market, the slowest January since 2020. This is five days more than last year and three more days than last month.

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.

 

No Repairs – 2nd of 4 Biggest Mistakes Sellers are Making

Another common mistake – #2 out of the 4 biggest mistakes sellers are making now – is trying to avoid doing work on your house. That leaky faucet or squeaky door might not bother you, but to buyers, small maintenance issues can be red flags. They may assume those little flaws are signs of bigger 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 cracked window or a loose toilet seat, 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’ll need to tackle before the photographer comes in. These minor upgrades can pay off big when it’s time to sell.   You should remember 3 things about repairs.  First, why are you living with something that doesn’t work.  Fix it now so you can enjoy it as you continue to live in your home. I had a client who was making do with a stove with only 2 burners that worked.  I pointed out that she would have to fix it for the buyer, so why not fix it now and have a stove that worked while the home was on the market.  Point two is that a handyman is actually very inexpensive for a day and can knock out lots of those to-do items in short order. Three – the buyer is likely to do a home inspection and will ask you to make the repairs so why not get them out of the way now so your home looks in its best condition.

Not Negotiating on Offers Received

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.  Failure to negotiate with the offer on the table is the third of the 4 biggest mistakes sellers are making now.

Buyers are feeling the pinch of higher home prices and mortgage rates – a double whammy, while 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.  They make a lowball offer because they can.  Be prepared to have these conversations. Again, lean on your agent to guide you. Sometimes a small 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.”

Last of the 4 Biggest Mistakes Sellers Are Making Now

The last of the 4 biggest mistakes sellers are making now is waiting for the azaleas to bloom.  Inventory is up. According to the Realtor.com® January housing data, more homes are being newly listed on the market despite higher mortgage rates seen in recent months. Time and natural turnover could be leading some sellers to make a move this year despite higher rates.

Sellers who are waiting for May when the azaleas bloom in Bethesda and the rest of the DC market means that they are waiting to come on the market when there will be more homes for buyers to choose from than at any time in the last few years.   We are heading toward a stable market rather than a seller’s market and waiting is only going to make the competition for a good contract even more difficult.

Are you curious what your home is worth? Just click right here to find out!

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