1. Pricing Incorrectly (too high or too low) -Make sure you determine the market value of your home correctly. If your asking price is significantly higher than what the market is currently bearing, many potential buyers looking for your style of home will view similar but lower priced homes first. Not only does this limit the pool of potential buyers but it also increases the chances that your home will sell for less than its actual value. This is due to the "discount" often associated with properties that have been on the market for a longer than average time. Buyers are often overheard asking their Agent... "What's wrong with that home? It's been for sale forever". Alternatively, if your asking price is too low, you are literally giving away your hard-earned equity just because you did not know what the market would bear.
   
2. Failing to "Showcase" Your Home - A little work can improve the first impression of your home a thousand-fold. First impressions are lasting impressions and can dramatically affect a property's perceived value. Research shows that you have 4 seconds to make a first impression.
   
3. Mistaking a Bank's Appraisal or a New Tax Assessment as Your Home's Actual Market Value - These processes are based on general guidelines such as lot size and square footage, not the specific qualities and improvements of your home. Using either of these as a baseline could cause you to over-price or under-price your property. It requires detailed background knowledge of all recent neighborhood sales as well as homes currently for sale in order to estimate value accurately. Ask your Realtor® for a detailed market evaluation.
   
4. Choosing the Wrong Realtor® or Choosing a Realtor® for the Wrong Reasons - It is critical that you have full confidence in your Realtor®'s experience and abilities. You want a Realtor® who can explain the whole selling process to you, has a good feel for the market, has access to potential buyers, and offers sound advice on how to improve your chances of selling. Try to avoid choosing a Realtor® on the basis of which one gives the highest estimate of your home's value or offers the lowest commission rate. In order to achieve the best sale price within a reasonable period of time, you need an accurate indication of what the true market value of your property is. Knowing this allows you to properly price your home, thus maximizing your chances of selling and allowing you to make your future plans with the sure knowledge that your goals can be attained. As for hiring a Realtor® based on a reduced commission, the old saying, you get what you pay for, applys here. You need to evaluate your Realtor® based on their experience and abilities, and the services and marketing they will provide.
   
5. Failing to Take Current Market Conditions/Trends Into Account - Is it a Buyer's market, a Seller's market, a Balanced market? What do future trends look like? Ask your Realtor® for a full analysis.
   6. Not taking advantage of market fluctuations - The Big Picture... Moving up in a market downturn? If your $150,000 home has dropped 10% in value, so has your $300,000 dream home. Yes, you lose $15,000 on your current home, but you save $30,000 on your next purchase! Always keep in mind the big picture.

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