As the air turns crisp and the leaves begin to fall, the change of season ushers in the fall selling season. We were wondering: What are the most common mistakes sellers make? We asked this of busy East End real estate agents, and most importantly how can sellers avoid them?
Terry Cohen
HEDGEROW EXCLUSIVE PROPERTIES
WATER MILL
As a seller, your decision shouldn’t hinge on the season but rather on solid data and current market conditions. While it may be fall, the focus should be on understanding your goals and the dynamics of the market. Prioritize gathering the right information to make a sound decision that aligns with your needs, no matter the time of year.
David Mazujian
THE CORCORAN GROUP
EAST HAMPTON
Over the years, and in any market, a common mistake made by sellers is overpricing their property. Proper pricing is perhaps the most important factor is achieving a successful sale. An aspirational list price communicates the seller may not be serious and buyers typically move on. Nobody wants to leave money on the table, but working with an experienced agent who presents a credible pricing strategy, supported by comparable properties at the outset is paramount. Other common mistakes include not decluttering and making necessary repairs and cosmetic enhancements in advance of listing. It is often hard for buyers to bring their vision to properties with ‘noise’ and distractions. Proactively legalizing any code issues as soon as possible is also critical to avoid unwelcome delays at the closing table!
John Scott Thomas
BROWN HARRIS STEVENS
EAST HAMPTON
The real estate listings we see in the fall are usually those of homeowners who want to take advantage of the post-summer season market. This requires strategic planning and preparation of your home. A seller should take advantage of the beautiful weather, green grass and lush landscaping for exterior photos before we approach the winter months. More importantly, sellers should review checklists to be sure their homes are well-maintained. Always keep service contracts active and make sure the mechanics of the home are regularly serviced and in good working order.
Patty Oakley and Brian Leicht
THE OAKLEY-LEICHT TEAM SAUNDERS & ASSOCIATE
SOUTHAMPTON
The number one mistake a seller can make in our market is to overestimate the value of their home, thinking it’s worth more than the market value, which can lead to fewer offers and can result in the property sitting on the market too long. We believe it is essential to hire a real estate team that has the history, knowledge of the inventory & market as well as the experience to properly price a home in the current market. It is also important for the seller to listen to their real estate team for advice when preparing a property for sale.
Susan Orioli
ENGEL & VÖLKERS
NORTH FORK CUTCHOGUE
Some sellers make the mistake of refusing showings simply because their homes aren’t perfectly spotless at the time of the showing request. To enhance a seller’s success during the fall and spring selling seasons on the East End, it’s crucial to ensure flexibility and readiness for showings, even when the house isn’t in pristine condition. Many buyers travel considerable distances to view properties, and if they encounter obstacles in accessing a home when they want to see it, they are unlikely to return. Being accommodating can make a significant difference in attracting serious buyers. Another common misstep involves sellers making substantial changes to their homes, such as painting or staging, without seeking professional advice. This lack of consultation can lead to unnecessary expenditures and, at best, mediocre results that fail to enhance the property’s appeal. One of the most prevalent mistakes that sellers can make during the fall season is failing to recognize that the spring market typically begins as early as January on the East End. This is crucial, as many buyers aim to move into their new homes by Memorial Day weekend. Unfortunately, some sellers meet agents in November to discuss listing their properties, only to start preparing their homes for sale in March or April, mistakenly believing that this aligns with the spring selling season. By the time they are ready, they have often missed the critical window of opportunity to attract buyers on the East End. In summary, a willingness to accommodate showings can greatly enhance a seller’s success during the fall and spring selling seasons. Additionally, seeking professional consultation for home improvements can help avoid unnecessary expenditures and ensure that any changes made truly enhance the property’s appeal. Lastly, being aware of the market timeline on the East End is crucial; sellers should recognize that the spring market typically begins as early as January, and waiting until April to prepare and list properties can lead to missed opportunities to attract buyers.
This article appeared in Behind The Hedges’ October 18, 2024, edition. Read the full digital edition here. For previous Real Estate Roundtables, click here.
