Common Selling Mistakes

Be committed to selling. In a buyer's market with inflated inventories, short sales, and repos, there is no time for sellers to 'test the waters'. Setting the proper asking price for your property is the single biggest factor that will determine the success or failure of your property sale. Money is only a secondary motivator to the serious seller.

• Consider a formal appraisal. Focus on comparable properties SOLD within the last 6 months. The value of your property more than 6 months ago may not be the price it will bring today. A lower asking price may net a Seller more money in the long run.
• 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.
• Time is of the essence. Do not underestimate the first buyer. In a buyer’s market, the first offer is usually the best offer. They may be the only buyer for a long time.
• Sellers should realize they seldom see their property objectively or know how it compares to other similar properties potential buyers are considering.
• Flexibility is fundamental. No showings usually means the price is too high. No offers definitely means the price is too high. Be proactive especially if the market is flat or declining. Regularly reduce the price, don't follow the market down.
• Staging is a necessity. Clutter eats equity. Hire a professional stager or listen very carefully to your Agent's' suggestions. View a staging DVD.
• Absorb all feedback. If one buyer says something, others are most likely thinking the same thing. If several similar comments are made, do something about the problem. Put your ego in storage with the excess furniture.
• Patience is a virtue. Ask your agent what the average days on the market is in your area. The only way to get somewhere faster is to step on the gas if you are in a car...or in this case, reduce the price if you are selling a House.

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.

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