Common mistakes made by novice sellers

With soaring home prices and high demand, homeowners are finding it a great time to sell. But some sellers—particularly first-timers—may be so caught up in the headlines about the rosy market that their expectations may become clouded.

Real estate professionals say some of the mistakes of rookie home sellers in the current market include setting unrealistic price expectations, such as a sky-is-the-limit pricing strategy; accepting the highest offer instead of assessing the reliability of a bid; and attempting to sell on their own, which could limit the home’s exposure to larger pools of buyers.

FSBO homes, after all, can’t be listed on the Multiple Listing Service, which is where most buyers shop for homes. And this exposure is crucial if you want to reach a large audience and fetch the best price.

Also assuming this hot market will last inexperienced sellers may turn down a worthy offer or even forestall listing their home, hoping prices will continue to go up. While it may take a while for the seller’s market to top out, interest rates are expected to creep up this year, which could reduce the pool of hungry buyers.