Mistake #1: Basing their asking price on needs or emotion rather than market value.
Many times, people make their pricing decisions based on how much they paid for or invested into their home. This can be an expensive mistake. Overpriced homes take longer to sell and eventually net the seller less money. Consult with a professional real estate agent. They can assist you in pricing your home correctly from the beginning.
Mistake #2: Failing to "showcase" their home.
First impressions are the most important. Experience shows that for every $100 in repairs that your home needs, a buyer will deduct $300 to $500 from their offer. Thoroughly clean and prepare your home before you put it on the market if you want top dollar.
Mistake #3: Trying to SELL their house when buyers come to see it.
One of the biggest mistakes enthusiastic home sellers make is to follow buyers around and try to SELL them on a property. This can have a negative affect on the buyers. The best thing is to stay out of the way and let people look at their own pace. They'll get a better feel for the property and whether the house is for them.
Mistake #4: Choosing the wrong agent or choosing them for the wrong reasons.
Many homeowners list their home with the agent who tells them the highest price. Or they list with the agent who works for the biggest company. You need to choose the agent with the best marketing plan and track record to sell your home.
Mistake #5: Not knowing all of their legal rights and obligations.
Real estate law is complex. The contract you sign when selling your home is legally binding. Small items that are neglected in a contract can wind up costing you thousands of dollars. You need to consult a knowledgeable professional who understands the ins and outs of a real estate transaction.