Mistakes Some Orlando Sellers Make Even in a Sellers Market
The real estate market in Orlando and much of the country has shifted a little but we are still very much in a sellers market with a limited inventory of homes for sale and more buyers than there are homes available.
But even in a market where a seller has the upper hand in negotiations, there are some mistakes that Orlando home sellers can make that can cause their home to sell for less money or take much longer to sell. Here are some common mistakes that home sellers make that can cause their homes to take longer to sell in a seller's market.
Keeping a home buyer waiting in hopes of starting a bidding war
Bidding Wars are less common right now but they are still happening. Especially for homes in very desirable areas as inventory remains low. Some homeowners receive a first offer on a home and hold off on getting back to the buyer making the offer in hopes that another offer will come in and it could start a competition between the two.
If you have received a decent offer right off the bat with your first offer then there's no reason not to accept it. There is no telling what could happen in a bidding war or if one will even start with another offer coming along soon. You could cause your first original good offer to walk away in the waiting or walk away not wanting to engage in a bidding war.
Not presenting your home in it's best light
There are so few homes for sale in the greater Orlando area and the most desirable areas around the country. Some homebuyers have fallen into the misconception that they need to do little to nothing to get their home ready to list for sale. They believe that because there is hardly anything to choose from buyers who desperately want a home will just buy whatever home meets their search criteria on paper just to get into a home.
This may have been true when the competition was insane during the height of the pandemic and in-person showings were very hard to conduct. Now that people have been touring homes in person again for some time people want to see a home with their own eyes before they make an offer. This means that a home should be in great condition with cleaning and staging ready to be seen by potential buyers.
Pricing a home below market value to start a bidding war
When mortgage rates were incredibly low and buyers were offering tens of thousands of dollars over the list price it was a common strategy of some real estate agents to encourage home sellers to list their homes below their market value to draw attention and start a bidding war among several buyers into the double digits.
Today with mortgage rates remaining higher than people would like and home prices increasing offers are coming in below the list price. Pricing your home too low may see you receiving offers even below that list price. It could even make buyers who are serious about purchasing the home wonder if it's listed below its value because there's something wrong with it. You may be passing up your chance at attracting a buyer who could truly afford the home at its market value and would have offered market value to purchase your home.
The best strategy no matter the real estate market conditions is to price your home at fair market value. The best way to make sure that you have listed your home at fair market value is to work with a trusted experienced real estate agent who can find fair market value of any property using their training and expertise.
Accepting a higher offer even with red flags
There are still some homebuyers offering more than the list price. Of course, any homeowner is going to want to make as much money as possible when they sell their home but not all offers are legitimate and solid. You want to make sure you are looking for potential red flags and offers that are made above market value for your home. You don't want to end up with the buyer unable to secure financing or follow through on their promise and having to put the home back on the market.
If you are hoping to successfully sell your Orlando area home I can help. I am highly experienced in helping my clients sell their Orlando area homes for the best price possible. Contact me anytime for any Orlando area real estate needs.