Sidestep these three common pricing mistakes the next time you’re ready to proudly plant a sign in the yard:⁣

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Mistake #1: Not listening to your agent's recommendation.⁣

Emotions run high when selling, especially if you’ve lived in your home for years. Sometimes we have sellers who love their home so deeply, they can’t see clearly where to price it. Other times, sellers want to recoup 100% of their upgrade or renovation costs. ⁣

The truth is, pricing a home for the market is more than emotions or renovation costs. It’s comps, location, size, age, updates, and, of course, market conditions. While a good agent will always listen to your opinions, he or she will use their own tried-and-true methods to price your home accurately.⁣

 

Mistake #2: Way overpricing your home so you’ll have “room to negotiate.”⁣

Overpricing is the #1 way to crush your chance at getting the most money for your home. The idea that pricing a home higher will lead to a higher sale price is just flat out WRONG!⁣

The first few days of a listing are the likeliest to bring a high offer. Crazily overprice it and buyers won’t be interested. Remember they have agents too who know what your home is worth. A home that is priced right will generate more interest and sell faster.⁣

 

Mistake #3: Expecting the Asking Price

Any smart buyer will negotiate, and if you want to complete the sale, you may have to play ball. Most people want to list their homes at a price that will attract buyers while still leaving some breathing room for negotiations—the opposite of the underpricing strategy described above. This may work, allowing the buyer to feel like they are getting good value while allowing you to get the amount of money you need from the sale.

 

Learning how to sell a house is crucial. Make sure you prepare mentally and financially for less-than-ideal scenarios, even if you don’t make any of these mistakes. The house may sit on the market for far longer than you expect, especially in a declining market. If you can’t find a buyer in time, you may end up trying to pay two mortgages, having to rent your home out until you can find a buyer, or, in dire situations, in foreclosure. However, if you avoid the costly mistakes listed here, you’ll be a long way toward putting your best foot forward and achieving that seamless, lucrative sale for which every home seller hopes.