There was recently an article discussing whether or not the national increase in monthly housing supply means we are now moving to a buyer’s market. Let's look at the data.

Currently, on a national level, we have approximately 3.7 months of inventory. And if you look at our market here in Cheyenne, that number drops to 2 months of inventory. A true buyer’s market does not actually start to happen until we have a healthy 6 months of inventory. So, no, we are not yet (and I stress yet) heading towards a buyer’s market.

With that then, we must still be in a seller’s market? And with that, then you can just put a sign in the yard, not worry about anything else, and you will get top dollar, right? Not so fast…

Let’s take a close hard look at some of the mistakes sellers are still making, even in a super strong seller’s market. Here are the top five mistakes sellers are currently making:

1. Overpricing Your Home

Probably the biggest mistake of all, as buyers and their agents are way too savvy to simply price your home where you want. Listen closely to your Realtor and make sure you use data to drive your price. The National Association of Realtors (NAR) explains: “Some sellers are pricing their homes higher than ever just because they can. This may drive away serious buyers and result in unapproved appraisals.” We find that the first two weeks for a home on the market are the strongest, if those two weeks are priced way too high, then you likely miss that wave of interest. 

2. Skipping the Small Stuff

Deferred maintenance and repairs are the kiss of death in real estate. Make sure you get that light fixture replaced and the heating system serviced (as examples). Do you best to look at your home through the eyes of a potential buyer. 

3. Not Looking at Things Objectively

Buyers today are feeling the pinch of home prices, interest rates, and inflation, and therefore, may come with an offer that is less than you want. Do not freak out! Look at every offer and thank them for putting pen to paper. Then, counter at a more acceptable number.

4. Being Unwilling to Negotiate

This kind of goes with number 3. Do not take a low offer personally. Be ready to counter to hopefully keep negotiations going (your Realtor should have a strategy in place). Trust the process!

5. Not Using a Real Estate Agent

This one goes without saying. Having proper representation is a must in this market. A great Realtor will work hard for you and will negotiate on your behalf to try to get you everything you ask for and then some. Will it always happen like that? Of course not. But having a pro in the room gives you by far the best chance of getting your forever home for a great price even in this market.

The Bottom Line

These are just some examples of the mistakes you can make as a seller. While understandable, mistakes are still mistakes, and they can impact your home sale. As always, hire a Realtor who understands the market and puts your needs first. He or she will help guide you through the process and get you where you want to go.

To learn more about selling your home in Cheyenne, click here.

Ready to sell your home? Contact us today to get started on the right foot and avoid these common mistakes!