Mistake #1 -- Pricing Your Property Too High

Every seller obviously wants to get the most money for his or her

product. Ironically, the best way to do this is NOT to list your

product at an excessively high price! A high listing price will cause

some prospective buyers to lose interest before even seeing your

property. Also, it may lead other buyers to expect more than what you

have to offer. As a result, overpriced properties tend to take an

unusually long time to sell, and they end up being sold at a lower


Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value

Unfortunately, a re-finance appraisal may have been stated at an

untruthfully high price. Often, lenders estimate the value of your

property to be higher than it actually is in order to encourage

re-financing. The market value of your home could actually be lower.

Your best bet is to ask your REALTOR® for the most recent information

regarding property sales in your community. This will give you an

up-to-date and factually accurate estimate of your property value.

Mistake #3 -- Forgetting to "Showcase Your Home"

In spite of how frequently this mistake is addressed and how simple it

is to avoid, its prevalence is still widespread. When attempting to

sell your home to prospective buyers, do not forget to make your home

look as pleasant as possible. Make necessary repairs. Clean. Make sure

everything functions and looks presentable. A poorly kept home in need

of repairs will surely lower the selling price of your property and

will even turn away some buyers.

Mistake #4 -- Trying to "Hard Sell" While Showing

Buying a house is always an emotional and difficult decision. As a

result, you should try to allow prospective buyers to comfortably

examine your property. Don't try haggling or forcefully selling.

Instead, be friendly and hospitable. A good idea would be to point out

any subtle amenities and be receptive to questions.

Mistake #5 -- Trying to Sell to "Looky-Loos"

A prospective buyer who shows interest because of a "for sale" sign he

saw may not really be interested in your property. Often buyers who do

not come through a REALTOR® are a good 6-9 months away from buying, and

they are more interested in seeing what is out there than in actually

making a purchase. They may still have to sell their house, or may

not be able to afford a house yet. They may still even be unsure as

to whether or not they want to relocate.

Your REALTOR® should be able to distinguish realistic potential buyers

from mere lookers. REALTOR®s should usually find out a prospective

buyer's savings, credit rating, and purchasing power in general. If

your REALTOR® fails to find out this pertinent information, you should

do some investigating and questioning on your own. This will help you

avoid wasting valuable time marketing towards the wrong people. If

you have to do this work yourself, consider finding a new REALTOR®.

Mistake #6 -- Not Knowing Your Rights & Responsibilities

It is extremely important that you are well-informed of the details

in your real estate contract. Real estate contracts are legally

binding documents, and they can often be complex and confusing.

Not being aware of the terms in your contract could cost you thousands

for repairs and inspections. Know what you are responsible for before

signing the contract. Can the property be sold "as is"? How will deed

restrictions and local zoning laws affect your transaction? Not

knowing the answers to these kinds of questions could end up costing

you a considerable amount of money.

Mistake #7 -- Limiting the Marketing and Advertising of the Property

Your REALTOR® should employ a wide variety of marketing techniques.

Your REALTOR® should also be committed to selling your property; he or

she should be available for every phone call from a prospective buyer.

Most calls are received, and open houses are scheduled, during

business hours, so make sure that your REALTOR® is working on selling

your home during these hours. Chances are that you have a job, too,

so you may not be able to get in touch with many potential buyers.