The housing market is booming, and homes are selling like hotcakes, but some sellers may be in too deep. As prices continue to rise, it can be easy for homeowners' expectations about the sale price of their house or condo to elevate way past what they get when putting it on the market.
The housing market is challenging, but it doesn't have to be impossible. With a bit of preparation and knowledge of what's going on in the world around us today - plus some common sense! You can avoid these 5 mistakes that many people make when selling their homes:
1. Unrealistic price expectations
It is perhaps the most common mistake that novice sellers make. In today's market, buyers are very savvy, and they know what homes in their desired neighborhood are selling for. If a seller overprices their home, it will likely sit on the market for a long time without any offers coming in. This can be frustrating for the seller and ultimately lead to them selling their home for less than they originally wanted.
There are many buyers in this market, but that doesn't mean you should roll the dice on an unrealistic pricing strategy. "First-time sellers often erroneously believe that their list price means desired purchase cost," says Lindsay Reishman from The Reishmam Group. It just indicates what people will pay - and its purpose is to generate interest.
2. Accepting the highest offer
The housing market is tough, and buyers can be left in the dust if they're not careful. Estate agents say sellers often become so focused on a number that their gaze wanders from what matters - such as reliability or trustworthiness - which leads them down an offer path with too many obstacles for comfort.
3. Trying to FSBO
The "for sale by owner" route is tempting for many homeowners. They believe that they can get a better deal than what exists in real estate because it's an opportunity for DIY-ers and potential buyers looking to take advantage of this sellers' market; however, there could be drawbacks if you don't know what you're doing! FSBO homes won't ever appear on any multiple listing service, which limits their exposure as well – not being able to list with REALTORs will also reduce exposure even further since most people use these services when searching through properties online or over the phone.
4. Not Knowing the Competition
Another big mistake that novice sellers make is not being aware of their competition. It's important to know what other homes in your area are selling for so you can price your own home accordingly. Additionally, it's helpful to look at what your competition is offering in terms of amenities and features so you can make sure your own home is appealing to buyers.
5. Not being flexible with showings
If you're not flexible with showings, you could be missing out on potential buyers. It's essential to accommodate buyers' schedules as much as possible. Work with your real estate agent to develop a showing schedule that works for everyone.
6. Be prepared for negotiations
Finally, novice sellers often make the mistake of not being prepared for negotiations. It's important to remember that negotiation is a part of the home selling process. Be prepared to counter any low offers that come in.
If you're thinking about selling your home, avoid these mistakes. Work with a real estate agent to ensure a smooth and successful transaction.
