Working with a Real Estate Agent: Why It's Crucial

by Jenny Barthel

The housing market is undergoing a significant shift. Elevated mortgage rates are leading to more cautious buyer activity, while the number of homes available for sale is increasing.

If you’re not collaborating with a real estate agent or broker, you might miss these trends. The downside is clear: without being well-informed, you won’t be able to adapt your strategy or expectations to the current market conditions, which could result in costly errors.

Below are some common pitfalls and how partnering with an agent or broker can help you avoid them when selling your home.

1. Setting an Unrealistic Price

Many sellers overprice their homes, which is why there’s an increase in price reductions. An unrealistic price can scare away potential buyers, lead to appraisal problems, or result in your home staying on the market longer than expected. Some sellers set their asking price too high, thinking they can command top dollar, but this often backfires by driving away serious buyers and causing appraisal issues.

To avoid this mistake, work with a professional. An agent or broker will use recent sales data, the condition of your home, local market trends, and other factors to determine a price that attracts buyers and encourages competitive offers, leading to a quicker sale.

2. Ignoring Minor Repairs

Skipping necessary repairs, even small ones, can deter potential buyers and result in lower offers or demands for concessions. Home shoppers often test things like lights, toilets, and water fixtures. If these basic items don’t function properly, buyers might assume that other maintenance has been neglected, reducing their interest and the price they’re willing to pay.

To prepare your home for sale, consult your agent. They can conduct a walk-through and identify issues you should address before professional photographs are taken.

3. Lack of Objectivity

Today’s buyers are dealing with high home prices and mortgage rates, which can lead to offers lower than you’d like, especially if your home isn’t properly staged, priced, or marketed.

It’s crucial not to take these offers personally. Emotional reactions can jeopardize the sale. Remember, a buyer’s offer is based on their financial considerations and market conditions, not a judgment on your home. It’s important to remain objective and use any low offers as a starting point for negotiation, rather than taking them as a personal slight.

4. Refusing to Negotiate

With more homes available, buyers have greater choices and negotiation leverage. This means more buyers might request inspections, repairs, or assistance with closing costs. You need to be ready for these negotiations. When an offer isn’t as high as you hoped, expect to negotiate to reach a mutually beneficial agreement. Offering to cover some closing costs or agreeing to minor repairs can make a big difference.

An agent can guide you on what concessions to consider based on your goals, budget, and timeline.

5. Going Without a Real Estate Agent

Notice a pattern? For each of these mistakes, partnering with an agent helps you avoid them. Selling your home without an agent’s expertise could be the most significant mistake of all.

Real estate agents bring valuable experience in pricing, marketing, negotiating, and more. Their knowledge simplifies the selling process, often generating more interest and potentially securing a higher final price.

To steer clear of these common mistakes, it’s crucial to work with a real estate agent. Their expertise will help you navigate the complexities of selling your home, ensuring a smoother process and better results.

Final Thoughts

Selling a home today takes more than just listing it and hoping for the best. With the market shifting, it’s more important than ever to avoid costly missteps—and the best way to do that is by working with a trusted real estate professional.

Thinking about buying or selling? Let’s talk. I’m here to help you make smart moves in any market.

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Jenny Barthel

Agent | License ID: 40696030

+1(612) 990-3863 | jennifer@mnpropertyjam.com

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