The past few years has brought upon a strong seller’s market marked by rapidly rising prices, strong buyer demand, & a resulting lack of inventory of homes for sale. In other words, it has been quite the abnormal or even irrational housing market. Naturally, this position of strength resulted in many sellers becoming overly confident and even unrealistic. In some cases, it almost seemed as though sellers could name their high price and likely even get it. Fast forward to mid 2022 and those days are over. Although home inventories are gradually improving, they are still low though. With this said, skyrocketing mortgage interest rates have substantially reduced home buyer demand. As a result, the housing market is in a state of transition. If you are considering selling your home in this market, it is critical that you do not make some of the common seller mistakes.
Don’t make these mistakes
- Overpricing the home: Perhaps the most common mistake made by both novice and experienced home sellers is having unrealistic price expectations. Now more than ever, home buyers have access to plenty of housing data to assist them with proper home valuations. It is important to remember that a list price is an approximate, appropriate price that is set in order to drive interest in the property. Overprice your home and it will sit on the market for a long period of time to the point that buyers will assume something is wrong with the property.
- Accepting the highest offer: The best offer is not always the one with the highest purchase price. In fact, some buyers will make giant bids on a property in order to beat out the competition. However, these offers are not always very reliable. Home offers can fall apart easily for a number of reasons, including financing, appraisals, or inspections. It is important that sellers are aware of the various contingencies attached to any particular offers.
- Selling the property on your own (For Sale By Owner): Although it is tempting for sellers to try and sell properties on their own, this most often results in longer times on the market and significantly lower sales prices. When selling a home, you want to maximize your exposure to the most potential buyers you can. In addition to showcasing your property on the multiple listing service (MLS), a local and knowledgeable real estate agent will also have a sphere of influence that will also assist with maximum exposure for your property. Whether this is through networking with other local real estate agents or through various social media platforms and online outlets, a good real estate agent will leverage various platforms and technologies to get the property sold.
Selling a property quickly and for top dollar is a science that requires strategy that is driven by data. It is for this reason that it is critical that you hire a local real estate agent that is not only proficient with analyzing local sales data, but is also in tune with the latest trends in your local market. In addition, timing is critical as well. For example, certain types of housing are impacted seasonally and therefore you will have a larger pool of buyers during certain times of the year as compared to others.
Are you thinking about selling your South Florida property? As a South Florida native, Natasha Moore is well versed in the local market. Be sure to contact Live South Florida Realty, Inc. today to have one of our friendly team members assist you! Be sure to download the most accurate real estate search app in the South Florida market too! We look forward to assisting you!