Even if you weren’t in a hurry to sell, it’s not wise to “test” the market by listing your home at a high price to see how it goes. Serious home shoppers could take months to find a new home, so they are continually looking for new listings, not ones that have been sitting on the market. Thinking that the market will turn in your favor might not prove reliable, either. If prices in your area end up dropping instead of rising, you might lose money. However, 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 insisting on a price for your home far above other homes in the area. If your home doesn’t sell quickly, you might decide to lower the price. That’s okay in a stable or increasing market, but if the market in your area is declining, you could be forced to reduce the price even more to catch up. Price competitively from the start. Don’t hesitate to reevaluate your local market. Work with your real estate agent to determine the fair market value of your home.
NOT OBTAINING REPAIR ESTIMATES
Whether you plan to repair any faults in the house before listing or leave them undone, obtain estimates for necessary or desirable repairs, and get them from more than one source. This will give you leverage in negotiations since you know exactly how much the repairs will cost.
SHUTTING OFF UTILITIES
Keeping utility services on will prevent weather damage. Additionally, a house without lights is difficult to show and gives buyers the impression that the house needs more repairs than it really does. Keeping utilities on will make it more comfortable for anyone seeing the house. 80
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