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Barry Colyer, Oakland NJ's #1 Realtor (2000-2009)
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Common Selling Mistakes
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Mistake #1 -- Placing the Wrong Price on Your Property
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 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.
"No amount of marketing will sell an overpriced house. An overpriced home sitting on the market is like a bunch of bananas on the store shelf going bad."
"No seller has the luxury of dictating what a reasonable buyer will be willing to pay for their home. All a seller can do is choose to sell or not."
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.
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