Due to higher mortgage rates, many individuals need more time to sell their homes in the current market. However, you might still consider selling your home for various reasons, such as relocating for work, downsizing, or upsizing. First-time home sellers can learn from the regrets of others, as revealed by a Zillow survey, to navigate the process strategically and avoid making similar mistakes.
Incorrect Pricing
About 39% of recent first-time home sellers felt they underpriced their homes. While you shouldn’t set an unreasonably high price, the current housing market differs from in 2021, when low mortgage rates enticed buyers to overpay. With strong buyer demand and low real estate inventory, you can negotiate a higher price for your home, provided it’s reasonable.
Overlooking Curb Appeal
Since your home’s exterior is the first impression potential buyers get, paying attention to curb appeal can be a regrettable mistake. Enhance your property’s appearance by trimming shrubs, power-washing siding, and repainting worn fences. Even minor improvements can entice buyers to explore further rather than walking away.
Listing at an Inopportune Time
Approximately 25% of recent first-time home sellers wished they had chosen a different time to list their homes. Zillow research indicates that the latter half of April is usually an ideal time, but competition can be fierce. Consider highlighting your home’s unique features and select a listing time that showcases them best, such as listing a home with an attractive backyard in May or June to appeal to summer buyers.
Failing to Make Necessary Repairs
A few years ago, sellers could avoid making repairs before listing due to eager buyers wanting to secure low mortgage rates. However, today’s market requires more effort. Address any visible issues, like leaky faucets or malfunctioning appliances, before prospective buyers visit your property.
To prevent regrets as a first-time home seller, consider partnering with an experienced real estate agent. Their expertise can help you price your home accurately, time your listing effectively, and make your property as appealing as possible to potential buyers.
Learning from the mistakes of recent first-time home sellers can help you navigate the selling process more effectively. By pricing your home correctly, enhancing curb appeal, listing at the right time, and making necessary repairs, you can avoid common regrets and have a more successful home-selling experience. Working with an experienced real estate agent will ensure you make informed decisions and maximize your property’s potential in the market.
