If you're planning to sell your home, setting the right expectations and using effective strategies is essential. However, many sellers haven't adjusted to the current market conditions. They’re overlooking the fact that there are more homes available and that buyers are being more selective with their budgets. As a result, they’re making costly mistakes.

Here’s a quick rundown of the 3 most common mistakes sellers are making and how teaming up with an experienced agent can help you avoid them.

1. Overpricing the Home

One of the biggest challenges sellers face right now is pricing their home correctly. A survey by John Burns Real Estate Consulting (JBREC) and Keeping Current Matters (KCM) reveals that pricing issues are top of mind for many sellers.

Many homeowners make the mistake of overpricing their homes, thinking they can always lower the price later. But today’s buyers are more cautious due to high interest rates and budget constraints. An overpriced listing can turn potential buyers away, and if your home isn’t getting views, it won’t sell. This is why more sellers are having to lower their prices after listing.

To avoid this, rely on your agent’s market expertise. A good agent will help you understand the local market and guide you on setting a competitive price based on recent sales in your area.

2. Skipping Repairs

Another mistake sellers make is neglecting to fix minor issues around the house. While a leaky faucet or squeaky door may not bother you, buyers could see these small problems as signs of larger, more expensive issues. This could lead to lower offers or buyers asking for price reductions or other concessions. As Investopedia advises:

“Sellers who don’t take care of minor issues risk reducing their sales price or even failing to sell the home altogether. Small problems like a broken doorknob or a dripping faucet could make buyers wonder if there are bigger issues that haven’t been addressed.”

To prevent this, work with your agent to prioritize repairs before listing. These small fixes can make a significant difference when attracting buyers and getting the best offer.

3. Not Willing to Negotiate

With high home prices and mortgage rates, buyers may submit offers lower than you’d like. It's important not to take this personally—remember that your goal is to sell your home. Your agent will help you navigate these negotiations and stay focused on reaching a deal that works for both sides.

Additionally, with more homes on the market, buyers have more options and may ask for repairs, closing cost assistance, or other concessions. Be prepared to negotiate, and trust your agent’s guidance. Sometimes, a small compromise can make all the difference in closing the deal. As U.S. News Real Estate notes:

“If you’ve received an offer that’s lower than expected, expect to negotiate... Offering to cover some of the buyer’s closing costs or agreeing to a credit for a minor repair could help you finalize the sale without hurting your bottom line.”

The Biggest Mistake? Not Using an Agent

The common thread in all these mistakes is that partnering with a skilled real estate agent can prevent them. Trying to sell your home without an agent is the biggest mistake you can make.

Bottom Line

To avoid these pitfalls, start with a solid plan and the right real estate agent. Let’s connect so you can avoid these traps and ensure a successful sale.