1. Overpricing your property
Just because it is a seller's market, don’t think “red-hot market = super high list price.” A smarter strategy is to list lower than your goal and let the market do its magic. The greater the interest, the more likely the price will climb as eager buyers bid on it. You’re more likely to get interested with a lower asking price.
2. Limiting home showings
As soon as the house is listed, it’s important to allow as many qualified buyers to view it as possible to help build demand. Sellers have a fairly small window to do this since if a house sits on the market for too long, buyers may assume something is wrong with it.
3. Staging slip-ups
With houses selling so fast, you may think you don't need professional staging. If you want that dream price it could pay to have your home professionally staged.
4. Seeing only dollar signs
A big payoff is exciting, but money isn’t everything. A smart seller should consider a variety of factors before deciding. For instance, the highest offer may have a loan with an appraisal contingency, while a lower offer might be in cash, or the highest offer may need to sell their home first, which could mean a slow or snag-filled deal. You might be better off taking a slightly lower offer.
5. Jumping on an incredible offer
Buyers know it’s a seller’s market too, so some may make huge bids to beat out the competition, which can fall apart in financing or upon appraisal or inspection. If something seems too good to be true, it usually is! Work with your real estate agent to understand who is bidding and how serious they are, to avoid having your deal unravel.
6. FSBO blunders
While “For sale by owner” sounds like a direct route to extra profit, cutting brokers out of the picture is a risk. FSBO homes can’t be listed on the Multiple Listing Service, which is where most buyers shop for homes. This exposure is crucial if you want to reach a large audience and get the best price. At the very least, put the house on your local MLS [multiple listing service] through a flat-fee listing agency. Having an agent at your side is a huge help.
7. Looking before you sell
Avoid winding up with an anxious buyer on one hand and no place to go on the other. Start searching immediately once your property comes to the market. If all else fails, line up a rental.
8. Assuming this hot market will last
Inexperienced sellers may turn down a good 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 go up this year, which could reduce the pool of eager buyers.