Common Selling Mistakes

Mistake #1 -- Placing the Wrong Price on Your Property
Every seller obviously wants to get the most money for his or her home. Ironically, the best way to do this is NOT to list your product at an excessively high price! Greed will cost you money. A high listing price will cause many 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. With today's economic climate, inventory of homes on the market is at an all time high. Competition for buyers is fierce, and average days on the market has increased. As a result, overpriced properties tend to take an unusually long time to sell, if they sell at all. Once they finally sell, they end up being sold at a lower price than if the seller realistically priced their home from the beginning. Don't forget carrying costs for every month your house doesn't sell. Don't mess around. If you don't have to sell now, don't try. If you do need to sell, be realistic on price and put your best foot forward on day 1.

Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
It's a different world now than it was a year or 6 months ago. Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Especially an appraisal you may have gotten before the market took a turn. 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 much lower. The bottom line is that the rules of the game have changed. Property values may have decreased in your neighborhood due to lack of sales and the higher than normal number of short sales and foreclosures. Appraisors are now held to higher standards in valuating your property, and banks are often times requiring an appraisal review to protect themselves against securing a loan on a property that may be lower in value than the amount loaned. 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. You can also order a new appraisal for around $400 to $450 asking for market value to compare with your real estate professional's analysis.

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