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\u201cAspirational pricing\u201d doesn\u2019t work well in any real estate market. Buyers will risk a bidding war only if they first see some level of value.<\/span><\/span><\/p>\n<\/div>\n CHICAGO \u2013 The housing market is hot, but some homeowners overestimate how hot it is when they go to sell. Real estate professionals shared a few unrealistic expectations with realtor.com that their sellers had, such as that their home \u201cdoubled in value since they bought it\u201d or they \u201cshouldn\u2019t have to make any repairs before closing.\u201d<\/span><\/span><\/p>\n \u201cOne of the biggest mistakes sellers can make is going with aspirational pricing just because it is a seller\u2019s market,\u201d says Jeremy Bolger, a real estate salesperson with Brown Harris Stevens in New York City. \u201cWe have seen many deals get multiple offers and go at or over ask, but they almost always stem from buyers sensing some form of value. And if there is no perceived value, buyers will often stay on the sidelines, even with limited inventory.\u201d<\/span><\/span><\/p>\n Not everything will sell for a price far above list price or as quickly as in a few days \u2013 or mere hours \u2013 even in a hot housing market. Real estate pros said some sellers believed their home would sell in a few days and became disappointed when it didn\u2019t. Some homes \u2013 often ones that need some repairs, list in a higher price range or have quirky features \u2013 still often linger on the market, realtor.com notes.<\/span><\/span><\/p>\n Also, even in a seller\u2019s market, homeowners still need to make repairs. Investors may be willing to overlook some needed updates, but many buyers still want a move-in ready property, agents say.<\/span><\/span><\/p>\n \u201cIf the seller has a place that needs a touch-up or decorative work, it\u2019s usually a good idea to do it ahead of listing,\u201d Bolger says. \u201cConstruction and renovation costs are up sharply with all the supply chain issues. Buyers can be wary of purchasing a place that they will have to do work on, especially since the money spent there needs to be fully out of pocket, versus buying a move-in-ready product and having everything rolled into the mortgage.\u201d<\/span><\/span><\/p>\n\n