The Top 2 Things Homeowners Need To Know Before Selling

Heres something you should know before you sell your house. The homeowners who win in todays market arent the ones waiting it out or stepping back. Theyre the ones who adapt from the start.

A number of homeowners this year didnt get the outcome they wanted. But its not because somethings wrong with the market. Its because something wasnt right with their expectations.

Realtor.com reports 57% more homes have been taken off the market compared to last year. That means they listed... but didnt sell. But heres the honest truth. It was mostly because of two things: price and timing.

And if the seller had come in with the right mindset on each, their sale wouldve gone differently. Here are the top 2 things you can learn from those other sellers.

1. Price It Right from Day 1

Let's start with the most common sticking point: the asking price. Today, 8 in 10 sellers expect to get their asking price or more. But that confidence doesnt always line up with reality.

According to Redfin, only 1 in 4 (25.3%) sellers are actually getting more than their list price.

And heres where the mismatch is coming from.

A few years ago, you could set any price and buyers would come running, no matter what the price tag said. Odds are, youd still sell for over asking. But things are different now.

Buyers have more options than they've had in years, so they can afford to be more selective. If your price feels even a little high to them, itll get overlooked in a heartbeat.

And for the homeowners who had that happen, some end up pulling their listings instead of making a simple adjustment that could have changed everything. Which is a shame, honestly. Because a small price tweak is usually all it takes to bring buyers in and get the deal done.

According to HousingWire, the average price cut right now is just 4%.

Think about that. Other sellers are listing too high and giving up rather than dropping their price 4%. If theyd just started 4% lower, they may have already sold. So, before you list, talk to your agent about whats working nearby. Theyll help you find the sweet spot thats competitive, realistic, and still protecting your bottom line.

And here's the kicker. If youve been in your home for a while, your equity gives you room to set your list price more competitively and still come out way ahead. Unfortunately, those other sellers didnt seem to realize that.

2. Dont Rush the Process

Another common misstep: expecting your house to sell in a weekend.

Many sellers right now remember when homes sold in as little as hours and they expect that to happen today. But in most markets, that's not the reality anymore.

It takes closer to 60 days to go from listed to sold, which is actually normal (see the gray in the graph below):

It just feels slower because theyre comparing it to the lightning-fast pace of 2020 and 2021.

Think of it like driving 65 mph on the highway, then exiting and going 25. It feels like youre crawling, but its actually the right speed for where you are. Thats what other sellers cant seem to get over. But you can get ahead of that, by knowing what to expect.

Todays buyers are more intentional. Theyre taking their time, weighing their options, and making thoughtful decisions, which is creating a much healthier housing market.

So, if youre planning to sell, don't expect it to happen instantly. And dont assume your house wont sell if it doesnt go under contract in the first weekend.

Its normal for these things to take time.

If you want to make sure your house sells as quickly as possible, talk to your agent about ways to stand out, whether thats through staging, photography, or strategic pricing. With the right advice, the right price, and the right prep work, it can still sell quickly.

Bottom Line

If youre thinking about selling, dont let the market discourage you, let it guide you. The listings that didnt sell this year werent doomed. They just started with the wrong strategy.

You can still win if you price right, are patient, and work with a local agent who knows how to position your home from the start.

Because in todays market, success isnt about waiting for conditions to change. Its about getting your expectations right from day one.