The housing market is going through a transition. Higher mortgage rates are causing more moderate buyer activity at the same time the supply of homes for sale is growing. According to Rocket Homes’ latest survey of residential real estate activity, Suffolk County, NY is a now Buyers’ Market (meaning that prices tend to be lower and homes stay on the market longer). That means that you, as a seller, need to make the right moves to get the best price for your home.
Perhaps the most important move you can make is to work with an experienced agent who intimately knows the local market and has a good track record of guiding clients through the unique requirements of buyers’ markets. Such an informed person will help you adjust your strategy or expectations to today’s market, and thereby avoid making costly mistakes.
Here’s a look at some of the most common mistakes that are made – and how an agent can help you avoid them when you sell.
- Unrealistically Pricing Your House
Many sellers set their asking price too high, which is why a measurable uptick in homes with price reductions today. Unrealistically high prices will deter potential buyers, cause appraisal issues, or lead to your house sitting on the market longer. As noted by a recent article from the National Association of Realtors (NAR), “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 . . .”
Partnering with a smart, savvy agent can help you avoid this trap. An agent will use several variables to guide you to an attractive selling price, including the recent sales of similar homes, the condition of your house, local market trends, and more. Consequently, you’ll find a price that’ll attract more buyers and open the door for multiple offers and a faster sale.
- Failing to Attend to Minor Home Repairs
Don’t skip on important repairs, believing that you can pass the task on to your buyer. “Curb Appeal” is an important element in selling your Suffolk County home, and even small flaws can detract mightily from your home’s attractiveness. As Money Talks News observes:
“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.”
Ask your agent about steps you might take to improve your home’s “curb appeal” while staying within your repair budget. He or she will do a walk-through with you and point out anything you’ll need to tackle before the photographer comes in.
- Failing to View Things Objectively
Mortgage rates are high and buyers are budget-conscious today. With affordability being tight, they may make an offer to you that’s lower than you’d want to see – especially if you didn’t stage, price or market the home realistically.
Don’t take a low offer personally. As an article from Ramsey Solutions notes:
“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 out with a low offer, don’t take it personally and get emotional. Instead, channel that energy toward negotiating.”
Working with a good agent can help you keep cool and make a good counteroffer.
- Failing to Negotiate
The supply of homes for sale on Long Island has grown, and buyers have more options (and negotiating power) than in years past. Be prepared to negotiate terms that buyers may ask you about; for example, getting an inspection, requesting repairs, or asking for help with closing costs. Buyers must feel that they are benefiting from the transaction, and a good agent will walk you through what levers you may want to pull based on your own goals, budget, and timeframe.
- Failing to Use a Good Real Estate Agent
It’s interesting that all of the mistakes above could be avoided by heeding the wise counsel of an experienced real estate agent. A good agent – like Team Rita serving Suffolk County, Long Island – has experience and expertise in pricing, marketing, negotiating, and more. This agent knows that the dynamics of a buyers’ market is quite different from that of a sellers’ market and can help you make the right moves. The result will be that you’ll be able to drum up more interest in your home and get a higher final price.
