Recent First-Time Home Sellers Had These Regrets. Don’t Repeat Them

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Selling your home? Read on for some pitfalls you may want to steer clear of. 

A lot of people are opting not to sell a home these days because mortgage rates are higher than they’ve been in years. And if you have a low interest rate on your existing mortgage loan, you may be hesitant to sign a new one.

But you may be looking to sell your home regardless of mortgage rates for different reasons — you want to move for a job, downsize, or upsize. If you’re selling a home for the first time, it’s important to go about the process strategically. But as a first-time seller, you might make some mistakes along the way. Here are some of the regrets recent first-time sellers had, according to a Zillow survey.

1. Pricing incorrectly

A good 39% of recent first-time home sellers feel they didn’t set a high enough price for their homes. Of course, you don’t want to go overboard and ask for an unreasonable amount of money. We’re not in the same housing market we were in 2021, when mortgage rates were so unbelievably low that buyers were willing to significantly overpay for homes. But buyer demand is still fairly strong, so you don’t want to sell yourself short, either.

In fact, one thing you should know is that real estate inventory is low across the board right now. And that lack of competition gives you more leeway to command a higher price for your home, as long as it’s a reasonable one.

2. Not paying enough attention to curb appeal

Your home’s exterior is the first thing prospective buyers will see when they come to check it out. So ignoring your home’s curb appeal is a mistake you might regret.

Take the time to trim your shrubs, power-wash your siding, and repaint a fence that clearly looks like it’s seen better days. A little effort could spell the difference between interested buyers and buyers who walk away without even coming inside.

3. Listing at the wrong time

A good 25% of recent first-time home sellers wish they’d listed their homes at a different time. Zillow research shows that the second half of April tends to be an optimal time to list a home, but that’s also when there’s likely to be more competition.

One thing it pays to do is think about your home’s best features and when it’s easiest to show them off. If you invested a lot of money in a great backyard with a patio and pool, you may want to list your home in May or June so that prospective buyers can check out that space and imagine themselves enjoying it during the summer.

4. Not making enough repairs

A couple of years ago, sellers could easily get away with not making repairs for listing their homes. That’s because buyers were so eager to lock in those record-low mortgage rates.

But these days, you’ll need to make more of an effort when selling a home. So if there are things that are obviously wrong with your house, like a leaky faucet or appliance that doesn’t work, you should really try to address those issues before prospective buyers come to scope out your property.

The last thing you want to do is have regrets as a first-time home seller. A good way to avoid these pitfalls is to team up with a seasoned real estate agent. Someone with solid experience should be able to help you price your home appropriately, time your listing just right, and take steps to make your home as broadly appealing as possible.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Zillow Group. The Motley Fool has a disclosure policy.

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