The Biggest Mistakes Sellers Are Making Right Now in Los Angeles and Beverly Hills, CA

The Biggest Mistakes Sellers Are Making Right Now in Los Angeles and Beverly Hills, CA | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert

The housing market is undergoing a significant transition. Higher mortgage rates are leading to more moderate buyer activity while the supply of homes for sale is increasing. In dynamic markets like Los Angeles and Beverly Hills, these shifts can have a notable impact. If you aren’t working with an agent, you may not realize these changes and how they affect your strategy. Here are some common mistakes sellers are making and how an agent can help you avoid them:

1. Overpricing Your House

Many sellers in Los Angeles and Beverly Hills set their asking price too high, leading to an uptick in homes with price reductions. An unrealistic price can deter potential buyers, cause appraisal issues, or result in your house sitting on the market longer. As the National Association of Realtors (NAR) explains:

“Some sellers are pricing their homes higher than ever just because they can, but this may drive away serious buyers and result in unapproved appraisals . . .”

To avoid this, partner with a professional agent who uses recent sales data, the condition of your house, and local market trends to find the right price that will attract more buyers, potentially leading to multiple offers and a quicker sale.

2. Skipping the Small Stuff

Sellers may skip important repairs, thinking the buyer will handle them. However, visible issues, even if small, can turn off potential buyers and lead to lower offers or demands for concessions. Money Talks News notes:

“Home shoppers like to turn on lights, flush toilets and run the water. If these basic things don’t work, they may assume you’ve skipped other maintenance. Homes that appear neglected aren’t likely to fetch top price.”

Your agent can do a walk-through with you and point out necessary repairs to tackle before listing your home.

3. Not Looking at Things Objectively

Buyers today are feeling the pinch of high home prices and mortgage rates. With tight affordability, they may come in with lower offers than you expect, especially if you didn't stage, price, or market the house well. It's crucial not to take this personally. Ramsey Solutions advises:

“Remember, a buyer’s offer is not a reflection of their opinion of your home or your housekeeping abilities. . . The sale of your home is strictly a business transaction. If they start out with a low offer, don’t take it personally and get emotional. Instead, channel that energy toward negotiating. Work with your agent and make a counteroffer.”

4. Being Unwilling to Negotiate

The supply of homes for sale in Los Angeles and Beverly Hills has grown, giving buyers more options and negotiation power. As a seller, you need to be prepared for buyers requesting inspections, repairs, or help with closing costs. U.S. News Real Estate explains:

“If you've received an offer for your house that isn't quite what you'd hoped it would be, expect to negotiate . . . the only way to come to a successful deal is to make sure the buyer also feels like he or she benefits . . . consider offering to cover some of the buyer's closing costs or agree to a credit for a minor repair the inspector found.”

Your agent will guide you on which negotiation points to consider based on your goals, budget, and timeframe.

5. Not Using a Real Estate Agent

For each of these mistakes, partnering with an agent helps prevent them from happening in the first place. Trying to sell your house without an agent’s help is the biggest mistake of all. Real estate agents have expertise in pricing, marketing, negotiating, and more. Their knowledge can streamline the selling process, drum up more interest, and ultimately help you achieve a higher final price.

Bottom Line

In markets as competitive and nuanced as Los Angeles and Beverly Hills, it's essential to avoid these common mistakes. If you want to ensure a successful sale, let's connect and set you up for success.

Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value