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The 3 Biggest Mistakes Sellers Are Making Right Now

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If you want to sell your house, having the right strategies and expectations is key. But some sellers haven’t adjusted to where the market is today. They’re not factoring in that there are more homes for sale or that buyers are being more selective with their budgets. And those sellers are making some costly mistakes.

Here’s a quick rundown of the 3 most common missteps sellers are making, and how partnering with an expert agent can help you avoid every single one of them.

1. Pricing the Home Too High

According to a survey by John Burns Real Estate Consulting (JBREC) and Keeping Current Matters (KCM), real estate agents agree the #1 thing sellers struggle with right now is setting the right price for their house

And more often than not, homeowners tend to overprice their listings. If you aren’t up to speed on what’s happening in your local market, you may give in to the temptation to price high so you can have as much wiggle room as possible to negotiate. You don’t want to do this.

Today’s buyers are more cautious due to higher rates and tight budgets, and a price that feels out of reach will scare them off. And if no one’s looking at your house, how’s it going to sell? This is exactly why more sellers are having to do price cuts.

To avoid this headache, trust your agent’s expertise from day 1. A great agent will be able to tell you what your neighbor’s house just sold for and how that impacts the value of your home.

2. Skipping Repairs

Another common mistake is trying to avoid doing work on your house. That leaky faucet or squeaky door might not bother you, but to buyers, small maintenance issues can be red flags. They may assume those little flaws are signs of bigger problems — and it could cost you when offers come in lower or buyers ask for concessions. As Investopedia says:

“Sellers who do not clean and stage their homes throw money down the drain. . . Failing to do these things can reduce your sales price and may also prevent you from getting a sale at all. If you haven’t attended to minor issues, such as a broken doorknob or dripping faucet, a potential buyer may wonder whether the house has larger, costlier issues that haven’t been addressed either.”

The solution? Work with your agent to prioritize anything you’ll need to tackle before the photographer comes in. These minor upgrades can pay off big when it’s time to sell.

3. Refusing To Negotiate

Buyers today are feeling the pinch of high home prices and mortgage rates. With affordability that tight, they may come in with an offer that’s lower than you want to see. Don’t take it personally. Instead, focus on the end goal: selling your house. Your agent can help you negotiate confidently without letting emotions cloud your judgment.

At the same time, with more homes on the market, buyers have options — and with that comes more negotiating power. They may ask for repairs, closing cost assistance, or other concessions. Be prepared to have these conversations. Again, lean on your agent to guide you. Sometimes a small compromise can seal the deal without derailing your bottom line. As 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.”

The Biggest Mistake of All? Not Using a Real Estate Agent

Notice anything? For each of these mistakes, partnering with an agent helps prevent them from happening in the first place. That makes trying to sell your house without an agent’s help the biggest mistake of all.

Bottom Line

Avoid these common mistakes by starting with the right plan — and the right agent. Connect with an agent so you don’t fall into any of these traps.

Read more at Keeping Current Matters

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How Will Mortgage Rates Respond as Tariffs and Inflation Loom Large?

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Rates have come down slightly in the past two weeks, but conditions remain tricky for prospective homebuyers

The long-term cost of a home loan remains above 7%, but the trendline is moving in a positive direction for consumers and lenders even after the Federal Reserve paused its rate-cutting cycle last week.

Data at HousingWire’s Mortgage Rates Center shows that rates for 30-year conforming loans averaged 7.10% on Tuesday, down 4 basis points (bps) from a week ago and 8 bps lower than two weeks ago. Rates for 15-year conforming loans have shed 10 bps over the past two weeks and stood at 7.32% on Tuesday.

While last week’s decision by the Fed was expected and has brought some stability to the mortgage market in the short term, uncertainty continues to cloud the long-term forecast.

The U.S. labor market is outperforming expectations by adding hundreds of thousands of new jobs each month, but it could take a hit through President Donald Trump’s mass deportation plans. This is of particular concern to the homebuilding industry, which relies on undocumented labor for much of the construction workforce.

Inflation has declined significantly since the Fed began aggressively raising rates in 2022, but it remains above the central bank’s target of 2% annual growth. And market observers are worried that tariffs on major trade partners like Canada, Mexico and China could push the cost of goods and services higher. On Monday, Trump provided some relief by pausing tariffs on Canada and Mexico for a month after the countries agreed to bolster border security measures.

Kevin Ryan, chief financial officer at New York-based digital lender Better, said in an exclusive interview with HousingWire after last week’s Fed meeting that the “job has gotten harder” for monetary policymakers. But he remained optimistic that the mortgage lending environment will improve, even if it happens more slowly than people would like.

“I think it is highly unlikely that something happens in the macro where you don’t get another cut this year, or even worse, they have to reverse and raise,” Ryan said of the Fed. “Because I think you have a policy framework now that, despite a lot of the rhetoric, clearly wants rates to come down, and running inflation back up doesn’t comport with that.”

Matt Vernon, the head of consumer lending at Bank of America, expects the Fed’s cautious approach to continue but also noted that mortgage rates may not have to plummet for more home sales to occur in 2025. And data from Freddie Mac shows that current 30-year rates are still below the average of 7.72% dating back to 1971.

“Over the past year, homebuyer sentiment has improved despite the challenges of affordability. This could be influenced by a consistent expectation that mortgage rates will decline over time, which offers a glimmer of optimism even in the less-than-ideal market,” Vernon told HousingWire via email. “So, while 7% may not be embraced as the ideal rate, it seems to be increasingly seen as part of the ‘new normal’ that borrowers are adapting to.”

Ryan thinks that consumers — especially the ones whose wages have grown at a faster rate than inflation — are eyeing the opportunity to buy now and refinance in a year or two. But he acknowledged that others have seen their incomes eaten up by higher prices and are in a less advantageous position.

“For them, if they own a home, a HELOC is the right answer to debt consolidate, and if they don’t own a home, the timing may be a little tricky right now, Ryan said. “I look back at our customer base — it’s a little wealthier, it’s a little higher FICO (score), it skews younger — and so that cohort, we’re definitely seeing people have more positive sentiment. … ‘This is the year I’m actually going to pull the trigger and buy.’”

The Fed’s preferred gauge for inflation, the Personal Consumption Expenditures (PCE) index, rose 2.6% year over year in December. Data for January will be released at the end of this month and could provide more clarity on the direction of benchmark rates after the Fed’s next meeting in March.

Ryan said that policymakers seem more concerned about inflation today than they did back in September when they implemented a 50-bps cut — the first since the start of the COVID-19 pandemic.

“I’m not wading into politics at all, but if you get a bunch of mass deportations, you’re going to be short labor,” he said. “It’s actually going to strengthen labor even more, arguably, but it’s inflationary because now I’ve got to go find somebody who wasn’t deported to do that job, and they may already have another job.”

A labor force reduction would be harmful to efforts to grow the supply of available homes. And with many sellers choosing not to list their existing homes, prospective buyers have turned to new construction in droves.

“The new-home market is doing well right now, partly because many builders are offering rate buydowns, which lower the cost of mortgages for buyers,” Vernon said. “Mortgage lenders may have an opportunity to support buyers in this market by offering loan options that fit with these builder incentives. While it’s not clear if this trend will last, it’s something lenders might consider as a way to tap into the growing interest in new homes.”

Read more at Housingwire

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Capital Gains Tax on Home Sales: How Taxes on Real Estate Work

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It can feel great to get a high price for your home, but in some cases, the IRS may want a piece of the action. That’s because capital gains on home sales and other real estate can be taxable.

What is the capital gains tax on real estate?

When you sell your home for more than what you paid for it, you could be subject to capital gains tax on the profit. Capital gains tax rates are generally determined by three factors: your taxable income, your filing status and how long you had the property before you sold it.

However, some homeowners may be able to avoid paying capital gains tax on their profit because of an IRS exemption rule called the Section 121 exclusion (also known as the home sale tax exclusion).

How capital gains taxes on home sales work

Generally, the IRS allows people who sold their primary homes to exclude or exempt a certain amount of the profit from their reportable income.

Single filers and those married filing separately can exclude $250,000 of capital gains and those married filing jointly can exclude up to $500,00. If your profit exceeds this threshold, you may owe capital gains tax on the overage.

If you want to take advantage of the capital gains tax exclusion on home sales, you need to know the rules. Not all types of properties are eligible, and certain ownership factors can disqualify you from taking the exclusion.

Calculating capital gains tax on a home sale

The capital gains tax on the sale of a home depends on the amount of profit you make from the sale. Profit is generally defined as the difference between how much you paid for the home and how much you sold it for.

If you owned the home for a year or less before selling, short-term capital gains tax rates may apply. The rate is equal to your ordinary income tax rate, also known as your income tax bracket.

If you owned the home for longer than a year before selling, long-term capital gains tax rates may apply. These rates are much more forgiving. Many people qualify for a 0% tax rate. Everybody else pays 15% or 20%, depending on your filing status and taxable income.

Example: Let's say that you bought a home 10 years ago for $200,000 and sold it today for $800,000. Your net profit would be $600,000. If you’re married and filing jointly, $500,000 of that gain might not be subject to the capital gains tax because of the exclusion — but $100,000 of the gain could be subject to long-term capital gains tax.

Who qualifies for the home sale capital gains tax exclusion?

If you sell a house, all of the points below must be true — otherwise, you may owe capital gains taxes on the entire gain from the sale. The list is not exhaustive, as the rules for this exclusion can be complex. If you have questions, consider reviewing Publication 523 or speaking with a tax advisor.

1. The home must be your principal residence

The IRS defines "home" broadly — your home could be a condo, a co-op, a mobile home or even a houseboat. The key to being eligible for the home sale capital gains tax exclusion is that it must be your primary (what the IRS calls "principal") home, meaning the place where you spend most of your time.

Details that strengthen your home's status as primary include that the home's address is used in your official documents (tax returns, driver's license, voting registration, and with the Postal Service) and that the residence is close by to certain day-to-day needs, such as your bank, your workplace, or any types of organizations you are part of.

If you own more than one home, you should conduct a "facts and circumstances" test to make sure the home you're selling will be recognized as a principal residence by the IRS.

2. You must have owned the home for at least two years

The agency requires that you own the home for at least two years in the five-year period before you sell it. You may catch a break here if you're married and filing jointly — only one of the spouses is required to meet this test.

3. You must have lived in the house for at least two years in the five-year period before you sold it

Owning the home isn't enough to avoid capital gains on the sale — the IRS also wants to make sure that you actually intended to live in the house, at least for a certain period of time. Living in the home for at least two of the five years helps to establish this. The IRS is flexible here — the 24 months don't have to be consecutive, and temporary absences, such as vacations, also don't count as being "away."

People who are disabled or need outpatient care, as well as people in the military, Foreign Service, or intelligence community, may also be exempt from this rule. See IRS Publication 523 for details.

4. You cannot have claimed the home sale capital gains exclusion recently

You can't claim the exclusion if you have already taken it for another home in the two-year period before the sale of this home.

5. You cannot have bought the house through a like-kind exchange

Your home is not qualified for the exclusion if you purchased it through a like-kind exchange, also sometimes called a 1031 exchange, in the past five years. This kind of purchase basically means swapping one investment property for another.

6. You cannot be subject to expatriate tax

The expatriate tax is a fee levied by the IRS on certain people who have given up their citizenship or who have given up their U.S. residency status as a result of living abroad for an extended period of time. If you are subject to this tax, you can't take the exclusion.

How to avoid capital gains taxes on real estate

1. Live in the house for at least two years

The two years don’t need to be consecutive, but house flippers should beware. If you sell a house that you didn’t live in for at least two years, the gains can be taxable. Selling in less than a year is especially expensive because you could be subject to the short-term capital gains tax, which is higher than the long-term capital gains tax.

2. See whether you qualify for an exception

If you have a taxable gain on the sale of your home, you might still be able to exclude some of it if you sold the house because of work, health or “an unforeseeable event,” according to the IRS. Check IRS Publication 523 for details

3. Keep the receipts for your home improvements

The cost basis of your home typically includes what you paid to purchase it, as well as the improvements you've made over the years. When your cost basis is higher, your exposure to the capital gains tax may be lower. Remodels, expansions, new windows, landscaping, fences, new driveways, air conditioning installs — they’re all examples of things that might cut your capital gains tax.

Taxes on rental and investment properties

The capital gains tax exclusion only applies to the sale of your primary home. It doesn't work for commercial real estate, rental properties or houses used as investment vehicles. This also means your secondary home or a vacation home that you rent out in the off-season would need to be converted into your main residence — among the other rules above — for the exemption to apply.

Navigating the tax rules of selling a real estate or an investment property can be complex. Long- or short-term capital gains tax will apply upon sale, depending on how long you owned the house. But there are also ways to minimize or defer taxes on these types of properties. Consider speaking with a tax advisor or financial advisor to learn more.

Is there an over-55 home sale exemption?

No. Homeowners aged 55 and above used to be eligible for a one-time $125,000 capital gains tax exclusion on the sale of their home, but this tax law expired in 1997 and was replaced by the current $500,000 exclusion cap, which applies to a wider range of taxpayers.

Read more at NerdWallet

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The Mortgage Lock-In Effect Is Waning as Sellers Flood the Market

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Some segments of the U.S. residential real estate market started to thaw in January after December’s deep freeze, with a growing number of homeowners listing their homes for sale in a sign that the stubborn “lock-in” effect is finally beginning to ease.

The “lock-in effect” refers to homeowners’ reluctance to sell because they have a low mortgage rate and would have to take out a mortgage at a higher rate when they buy a new home.

Even though the 30-year fixed mortgage rates continue to be high, hovering at just below 7%, homeowners seem to have accepted this new normal and are not letting it stop them.

“While rates remain elevated, it is possible that we might be seeing that chiseling effect starting as sellers may grow tired of waiting for significant changes in rates,” says Realtor.com® Chief Economist Danielle Hale in her January monthly housing report.

“Further, while the lock-in effect remains a factor for many sellers, the strength of the effect is gradually waning,” Hale adds.

Realtor.com projects that home sales will rise by 1.5% in 2025, thanks in large part to the passage of time and slowly decreasing mortgage rates chipping away at the lock-in effect that has been hampering home sales for months.

The latest available data shows that newly listed homes were 10.8% up year over year, making it the busiest January in terms of new listing activity since 2021.

What’s more, freshly listed homes shot up 37.5% compared with December, marking the largest month-over-month spike in five years.

“Time and natural turnover could be leading some sellers to make a move this year despite higher rates,” explains Hale.

Looking at the big picture, overall home inventory across the U.S. was up 24.6% compared with the same time last year, a 15th consecutive month of growth. In terms of raw numbers, there were 829,376 active listings in January, plus 314,545 under-contract listings, also known as pending listings.

On a less positive note, Hale pointed out that inventory was still 24.8% down compared with typical 2017 to 2019 pre-pandemic levels.

Buyers are still reluctant to buy

While home sellers are eager to sell, it seems that homebuyers are still hesitant to buy.

The average home lingered unsold for 73 days, making this January the slowest since 2020. Homes spent five days more on the market than last year and three days more than last month.

Eager to entice unenthusiastic homebuyers, 15.6% of sellers slashed asking prices in January, an increase of more than 1% year over year, according to the analysis.

At the same time, the number of homes under contract but not yet sold continued to rebound in January, inching up 1.8% compared with last year, but it is a far cry from December’s impressive 7.4% uptick.

“This slowdown is at least partially due to mortgage rates in January that were on average 25 basis points higher than in December,” according to Hale.

The uptick in smaller listings dampens median price

The national median list price in January was $400,500, which is about $2,000 lower than last month and down 2.2% compared with January 2024.

A closer look at the type of inventory that’s currently available on the market tells a more complex story.

A greater number of smaller homes were listed in January, which softened the median list price year over year. However, it’s important to note that the median list price per square foot grew by 1.2%, signaling that the home values continue to increase.

Plainly put, while the median listing price might have decreased, it’s only because homes with smaller square footage are showing up on the market.

Southern and Western states have the biggest inventory gains

The Western real estate market saw the biggest growth in listings at 31% in January. The South was not too far behind, with home stock increasing by 27.2% since last year.

Similarly to December, the Midwest and Northeast continued to lag behind, with the number of listings in January going up by 16.8% and 7.8%, respectively.

The good news is that the number of homes for sale was up in all of the largest metros compared with 2024, with Denver (+54.8%), Las Vegas (+49.4%), and Tucson, AZ (+45%), putting in the biggest numbers.

When it comes to new listings, the West surged ahead of all other regions, with fresh inventory there growing by 21.7% year over year, followed by 10.7% in the Midwest, 10.6% in the South, and a more modest 4.5% in the Northeast.

In the West and South, where the growth in home inventory has been the most dramatic, the typical home spent five and six more days on the market, respectively, compared with last year.

Meanwhile, in the Midwest, homes lingered just two days longer on the market than in January 2024, and in the Northeast, the number of days homes spent unsold did not change at all from last year.

Read more at Realtor.com

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10 Ways to Reduce Your Housing Costs in Retirement

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Housing accounts for more than a third of an average senior’s spending, according to government data. Specifically, households led by someone age 65 or older spent an average of 35.7% on housing in 2023, the Bureau of Labor Statistics says.

Future retirees may need to budget even more. “Housing costs continue to escalate,” says Matthew Locke, national mortgage sales manager at UMB Bank in Kansas City, Missouri. “Lately, we’ve seen taxes and insurance go up.”

That means even those without a mortgage could see housing costs take a larger bite out of their budget.

To combat rising costs, consider these 10 strategies to save money on housing:

Downsize to a Smaller Home

Moving to a smaller home is one way to save money on housing in retirement. Smaller homes are generally less expensive and have lower tax assessments and reduced heating and cooling costs.

However, it is not free to pack up your belongings and relocate to a new property.

“On average, it costs about 7% to move,” says Jeff Lichtenstein, CEO and broker with Echo Fine Properties in Palm Beach Gardens, Florida. There are costs associated with closing the sale and physically transferring personal possessions to a new location.

What’s more, some states – including Florida and Michigan – cap annual property tax increases for existing homeowners and then adjust tax assessments to reflect the market price after a sale. That means moving out of a long-term residence may not result in significant, or any, tax savings in some situations.

While older Americans may lower expenses by downsizing, they should carefully consider all costs before moving.

Move to a More Affordable Region or Neighborhood

Retirement means the freedom to live anywhere, and seniors may save money by moving away from high-cost states and urban areas.

For instance, they can move from a disaster-prone state, where home insurance costs are surging, to a less expensive part of the country. Or without a daily commute to work, it may make sense to move to an outlying community or neighborhood where homes are farther away from a city core but also less expensive.

As with downsizing, retirees should consider all their costs before committing to a move. For instance, moving into a community with a homeowners association means paying additional fees on top of property tax, insurance and any mortgage payment.

“We try to advise (seniors) that HOA expenses can go up every year,” Locke says.

Refinance Your Mortgage

You may be able to save on housing expenses without moving by refinancing an existing mortgage. Given current rates, this probably wouldn’t result in savings for someone who purchased a home during the 2010s, when mortgage rates were extremely low. But it could be an option for homeowners still paying off an older mortgage.

Those with balances on high-interest credit cards or other loans could also save money by consolidating their debt at a lower rate through a cash-out refinance. However, this only makes sense financially if homeowners are committed to not accumulating new debt.

Tap Into Your Equity

Many retirees have significant equity in their homes, which they can use to create a steady stream of income, access cash to consolidate debt or make home upgrades that will allow them to age in place.

“Reverse mortgages got a really bad rap years ago, but they are much more government-regulated nowadays,” Lichtenstein says.

Homeowners age 62 or older may be eligible for a reverse mortgage, which is commonly set up to provide the owner with monthly payments based on the equity in their home. The catch is that once the homeowner moves out of the property or passes away, the house must be sold to pay off the loan.

A home equity loan or line of credit are two other ways to tap into a home's equity. According to Locke, retirees may qualify for loans based on their retirement income or assets.

Rent Out a Room

Retirees can use their home as a money maker by renting out an unused room. This could be done by finding a permanent roommate or offering your home as a short-term rental through sites such as Airbnb and VRBO. The latter might be an especially good option for those who split their time between two homes and have a property that is unused for several months of the year.

“The extra money you earn can offset home costs and bills to supplement your fixed retirement income,” said personal finance expert and former U.S. News contributor Andrea Woroch in an email.

If having overnight visitors in your home doesn’t sound appealing, Woroch offers these other options that retirees could use to make money with their home.

Rent space in your home or property for special events and photo shoots through Peerspace.

Rent parking spaces via SpotHero, an option that is best for those who live in a popular part of town or near an attraction.

Rent use of your swimming pool or private sports courts through Swimply.

Pet sit in your home using the service Rover.

Become a Renter

Taking into account utilities, lawn care and house repairs, home maintenance can cost thousands of dollars each month. Major components such as the roof, furnace or siding will need to be replaced at some point. However, apartment dwellers can avoid those costs.

“We’ve seen a lot of people who think it’s an easier scenario to sell and move to an apartment,” Locke says.

Depending on what is included with the unit, apartment living can eliminate many ongoing expenses. Apartments may also come with access to pools, gyms or other amenities. There is a monthly payment to rent, though.

“We’ve seen rents go up in most major markets,” Locke cautions.

However, if the price becomes unaffordable, it’s easier to move from an apartment than to sell a house.

Consider a Retirement Community

A retirement community can be another avenue to save on housing expenses. These can be set up in myriad ways, such as with condos, traditional houses or apartments. The community maintains common areas and typically offers some level of amenities. In some cases, meals and transportation may be provided.

Some communities require a hefty upfront entry fee, but in exchange the community may offer amenities that lower a retiree’s ongoing cost of living. Life plan communities, also known as continuing care retirement communities, include various levels of care, and residents may not need to pay much extra to access assisted living or nursing home facilities in the future.

“I think what seniors need to do is talk to other seniors in a community,” Lichtenstein says. “Not just one person – many people.” That can be the best way to determine the true cost of living there and whether a community offers the type of lifestyle that appeals to you.

Pare Down Ongoing Costs

Of course, you don’t need to move to reduce some monthly housing expenses, such as those for utilities, cable TV and phone service. Companies may offer discounts for receiving bills via email or setting up automatic payments.

“Call providers every year to inquire about new promotions that can be applied to your account,” Woroch says. “Otherwise, run a comparison with competitors to see if there are better deals without lowering your services, and be ready to switch if it means saving.”

With homeowner insurance premiums rising rapidly in many areas, bundling home with auto coverage may result in some savings. Increasing the deductible on your policy could also reduce premiums by up to 20%, according to Woroch.

Look for Property Tax Breaks

In Alabama, property owners 65 and older are exempt from paying the state portion of property taxes. Other states, such as Louisiana and New York, will exempt a portion of a home’s value from property tax for income-eligible seniors.

Elsewhere, in states such as Michigan, there is no senior property tax exemption, but older residents can claim an enhanced property tax credit and a home heating credit, among other tax breaks.

Combine Households

Combining households with another family can dramatically reduce housing expenses in retirement. Sharing a home with adult children may be the most common way to achieve this, but you could also live with a sibling, relative or friend.

The key to making these arrangements work is to ensure that each party has a private space within a home and there are clear expectations as to how chores and bills will be split.

Read more at U.S News

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