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Home sellers: avoid these 5 mistakes in a hot market

Selling a home in a competitive market may sound easy, but you can still make costly mistakes. Here are five mistakes to avoid when you’re ready to put your home on the market.

TM

Tara Mastroeni

9/20/2022 · 3 min read

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Key takeaways

  • Before selling their current home, sellers may want to focus on finding a new one first.

  • Pricing a home according to market value may encourage seller success.

  • Buyers usually want to see a home in good condition.

Although conditions may change, home sellers may find themselves listing during a competitive market. Here are some common mistakes to avoid if you’re thinking about listing your house when there’s a lot of interest. 

1. Selling first and moving later

In a hot market, it may not take long to sell your home, but it can still take a while to find a new one. Put simply, when you’re ready to buy, you’ll be on the other side of the bidding war, and it could take multiple tries before one of your offers finally gets accepted. 

It may make more sense to find your new home first and sell your old one once you’re successfully under contract.

2. Pricing the home improperly

Once you’re ready to list, pricing your home properly can be one of the biggest keys to a successful sale. In a hot market, it may be tempting to list your home at a higher price tag. 

But this doesn’t always work.

If you price your home too high, it could be overlooked for similarly-priced properties that offer more value. It can be better to price your home competitively — or even slightly lower than comparable houses in the area — to help generate more interest. 

3. Not sprucing up your property

While it’s true that many homes ultimately end up selling in a hot market, well-maintained homes may sell for a higher price. If you want to get the most value out of your large asset, make sure it’s neat and orderly. Clean the home, make any small or necessary repairs, and consider staging it for resale.

4. Not accommodating showings

Once your house is listed, it can be helpful to accommodate as many showings as possible. While it may be hard to get out of the house at a moment’s notice, your efforts may pay off. 

After all, the more people who can view your home, the greater chance you have of receiving an offer (or multiple offers). 

5. Trying to have it all

Selling real estate is a negotiation. In busy markets, it might be tempting to think that you don’t have to compromise. Unfortunately, though, being inflexible could cause well-qualified buyers to look elsewhere. Keep your wants and needs in mind as you’re negotiating, but be willing to compromise when it counts.

This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice. Opendoor always encourages you to reach out to an advisor regarding your own situation.

TM

Tara MastroeniAuthor

Tara Mastroeni is a real estate and personal finance writer. Her work has been published on websites such as Forbes Advisor, Business Insider, and The Motley Fool. She has also been featured as a subject matter expert on Innovators with Jane King and the American Trends podcast.

JG

Jena GreeneEditor

Jena Greene is the Managing Editor at Opendoor. She covers real estate, personal finance, money management, and market best practices. Jena is passionate about empowering people to find their dream homes and making the home-buying process a delightful one.