The housing market is shifting, and with higher mortgage rates, buyer activity is becoming more moderate while the supply of homes is on the rise.

If you’re not working with an agent, you might not even realize this. Here’s the challenge: without staying informed, you can’t adjust your strategy or expectations to match today’s market. That can lead to some costly mistakes.Let’s dive into a few common pitfalls – and how an experienced agent can help you steer clear of them when selling your home.

1. Overpricing Your Home

One of the most common mistakes sellers make is setting an asking price that’s too high. This often leads to price reductions and homes lingering on the market. An unrealistic price can deter potential buyers, create appraisal issues, and ultimately delay the sale. The National Association of Realtors (NAR) notes:

“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 avoid this trap, work with a professional. An agent will consider recent sales of similar homes, the condition of your property, and local market trends to find the right price. This approach will attract more buyers, increase the chances of multiple offers, and help you achieve a quicker sale.

2. Ignoring the Small Details

You might be tempted to skip important repairs, hoping the buyer will overlook them or take them on after the sale. However, even small, visible issues can turn off potential buyers, leading to lower offers or requests for concessions. As Money Talks News explains:

“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.”

To get your house market-ready, your agent can guide you on what needs to be fixed before listing. They’ll walk through the property with you, pointing out any issues that need attention before the photographer arrives.

3. Losing Objectivity

Today’s buyers are feeling the squeeze from high home prices and mortgage rates. With tight affordability, they may come in with offers lower than you’d expect – especially if your home isn’t well-staged, priced, or marketed.

It’s crucial not to take these offers personally. Getting emotional can jeopardize the sale. As Ramsey Solutions advises:

“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 with a low offer, don’t take it personally. Instead, channel that energy into negotiating. Work with your agent and make a counteroffer.”

4. Being Unwilling To Negotiate

With more homes on the market, buyers have increased options and negotiation power. As a seller, you may face more requests for inspections, repairs, or closing cost assistance. Be ready for these conversations. U.S. News Real Estate suggests:

“If you've received an offer for your house that isn't quite what you'd hoped for, expect to negotiate… the only way to come to a successful deal is to make sure the buyer also feels like they benefit… 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 guide you through these negotiations, helping you make decisions that align with your goals, budget, and timeline..

5. Not Hiring a Real Estate Agent

Notice a trend? For each of these mistakes, partnering with an agent can prevent them from happening in the first place. Attempting to sell your home without an agent is arguably the biggest mistake of all.

Real estate agents bring expertise in pricing, marketing, negotiating, and more. Their knowledge streamlines the selling process, generates more interest, and can ultimately lead to a higher sale price.

To avoid costly mistakes like these, let’s connect and ensure you’re set up for success. The McGuire Team is here to guide you every step of the way.