market by listing your home at a high price to “see how it goes.” Serious home shoppers may take months to find a new home. They are continually looking for new listings — not ones that have been languishing on the market. Thinking that the market will turn in your favor may not be reliable, either. If prices in your area are dropping, you may lose money. By pricing your home based on current market values, you can sell your home more quickly and for more money.
Price Dropping
Another pricing trap to avoid is listing your home far above other homes in the area, with the intention of dropping the price if it does not sell after three months. ]You may be forced to reduce the price even more drastically to attract buyers who are wondering what is wrong with your home. Price competitively from the beginning. Do not hesitate to reevaluate your local market. Work with your real estate agent to determine the fair market value of your home. If you don't have good traffic or interest within 10 days, it is time to discuss a price reduction.
OTHER SELLERS’ MISTAKES
Zillow has compiled a list of “Don’ts” to help people avoid the pitfalls of an otherwise successful sale.
Selling Before Getting Qualified Yourself
Entering a contract to sell your home before you get qualified to buy another home is problematic. Your financial situation may have shifted since your last purchase, and you may not meet the requirements for a loan, or you may not be able to sell at a price that enables you to buy the kind of replacement home you desire. You might have to rent or buy another house that is far from
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