Mistake 1 -- Pricing Your Property Too High

Every seller obviously wants to get the most money for his or her property. Ironically, the best way to do this is NOT to list your property 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 price.

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

Unfortunately, a re-finance appraisal may have been stated at an unrealisticly 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. When the Realtor makes an appointment to inspect with a client, make certain you have left the proeprty. Go for a walk or visit the neighbour.

On no account should you attempt to add your personal views of the house directly to the buyer. Remember the buyer is only interested in what the home can provide for themselves, they have no interest at all about your personal history in the house.

So make sure the buyer is completely at ease when visiting and make yourselves invisible.

Mistake 5 -- Trying to Sell to unmotivated buyers

A prospective buyer who shows up at the door without a Realtor could be the wrong person to let into your house. If buyers call in by themselves, never allow them inside your homes. If they give excuses such as 'we're too busy to call a realtor' or we're leaving town shortly and only have a few minutes' then they are not genuine buyers. Never let anyone inspect without your Realtor being on hand.

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. Each Real Estate company will have an advertising schedule for their listings. However, this is the minimum promotion your property should receive. Ask for a marketing plan that gives greater coverage and make sure you are prepared to pay for it. A small investment on your behalf can do wonders for getting your property out amongst the buyers.

Remember that it is your responsibility to pay for the advertising of your home. Marketing costs money and that is a fact. Consider it an investment. If you spend a $1,000 on quality advertising and you attract several buyers, one of who eventually purchases, would you consider that a good return for your money?

Be wary of salepeople who promise to pay for the advertising themselves. What is the motive? Are they hoping for a quick sale, rather than the best sale. What are they going to advertise and what newspapers are they going to use?