Selling a house quickly in the current market can be a challenge, but there are a few mistakes sellers can avoid.
- A recent Zillow survey broke down some of the most common regrets home sellers have and how current sellers can avoid them.
- Incorrect pricing can cost a seller money. If the price is too high, the house may sit on the market too long, adding to the seller’s costs. If the price is too low, he may miss out on potential profit.
- Many sellers, around 39%, tend to regret setting a price too low, however, more sellers are finding the need to reduce their price. In January alone, nearly 22% reduced their list price. Finding a happy medium is a necessary part of successfully selling a home.
- Many sellers expressed regret over not paying attention to the home’s curb appeal. Curb appeal can draw more interested buyers and help the house look better online.
- A majority of sellers, around 87%, regretted not improving their curb appeal. Around 39% think better photos could have gotten them a better offer.
- While the timing of a listing is not always under a seller’s control, choosing the best time to sell can help a seller reach his price goal. Nearly 25% of sellers wish that they had listed their home at a different time.
- Zillow research has found that the second half of April is the best time to sell.
- Finally, sellers often lose out by trying to save money and ignoring needed repairs. Around 25% of those surveyed felt they could have gotten a higher offer if they had focused more on repairs and upgrades.
- Even if the repairs seem small, not every buyer is willing to put in the work after buying a home. Ignoring needed repairs can shrink a seller’s pool of potential buyers.
Why it’s news
Selling a home in the current market is growing increasingly difficult as higher mortgage rates discourage buyers. Sellers have to be careful to avoid easily made mistakes.
In January, the number of existing home sales dropped 0.7%, the 12th straight month of decline. Meanwhile, new home sales jumped 7.2%/
More sellers are looking to buyer incentives to motivate a sale. While incentives like mortgage buydowns or covering closing costs may motivate a buyer, it does cut into a seller’s bottom line. Avoiding common mistakes during the selling process can increase a seller’s profit.