Wells: Understand where the market is heading and plan accordingly
In the fast-changing world of real estate, sellers need to adopt a forward-thinking strategy. As Wayne Gretzky famously said, “I skate to where the puck is going, not where it has been.”
This quote perfectly illustrates what sellers must keep in mind when pricing and preparing their homes. The market is dynamic, and success hinges on a seller’s ability to anticipate where buyers will be rather than relying on outdated metrics.
One of the seller’s most significant and often overlooked expenses is the money they leave on the table by not positioning their home properly from the start. In today’s market, sellers must avoid these three critical mistakes:
SPONSORED CONTENT
Failing to properly vet their broker
Too many sellers rush into hiring an agent without thoroughly vetting their marketing strategy, pricing game plan, and approach to presenting the home. A potential buyer’s first impression matters more than ever in a competitive market.
Proper staging, decluttering, and cleaning set the tone for buyers, while a pre-listing inspection can reduce uncertainty and build a buyer’s confidence. Sellers should seek brokers who understand that today’s buyers have high expectations and limited patience. A well-prepared home will stand out from the competition, while a rushed or unpolished listing will likely be ignored, ultimately ending in a costly proposition for sellers.
Chasing the market with unrealistic pricing
Some sellers are still fixated on the peak prices of yesterday, convinced they can get top dollar without adapting to current market realities. The housing market has been shifting toward buyers over the past 12 months, and historical comparables are less relevant. Pricing a home too high can lead to the property sitting on the market for too long, eventually requiring price cuts and chasing after dwindling buyer interest. Strategic, realistic pricing is key — positioning the home where buyers are going, not where they’ve been, is the difference between a quick, successful sale and a drawn-out, frustrating process. We have seen an increase in price reductions across the market year-over-year in the range of 11% to 25%, depending on the location. While supply has grown, we are seeing more and more sellers trying to chase the market, which proves costly for their final net proceeds.
Focusing solely on maximizing the bottom line
It’s natural for sellers to want to maximize their return, but tunnel vision on the financial aspect can lead to more significant issues. Many sellers mentally account for money before the sale even happens, which can result in frustration when their home doesn’t sell as quickly as expected. This mindset can create stress and delays, especially for those facing relocation for work or other pressing timelines. A skilled broker can help sellers clarify their priorities — whether it’s getting the best price, moving on quickly, or reducing stress — and develop a plan that balances these goals.
A shift in psychology for success
Today’s sellers need to shift their psychology to stay competitive. The greatest value a seller can gain isn’t always in squeezing out every last dollar, but in understanding where the market is heading and making decisions that align with their broader goals. Working with a trusted, experienced broker who brings a solid plan to the table and helps to provide buyers with another set of eyes is the key to avoiding these common pitfalls.
By taking a proactive, realistic approach, sellers can ensure they aren’t just chasing the market but are skating to where the buyers will be and positioning themselves for success.
Brandon Wells is president of The Group Inc. He can be reached at [email protected] or 970-430-6463
