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. REALTORs 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 will affect your transaction? Not
knowing the answers to these kind 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.