Mistake #1:  Forgoing Research

According the Atlantic City and County MLS, for example, the average list to sold price for all homes  sold in Brigantine since January 1, 2009 is 89% - or 11% below asking price.  If you price your home based on currently active properties, you are already, 11% above market value.   

Price your home based on a Comparative Market Analysis a report prepared by a real estate professional that looks at recent sales of homes in your area that are similar to yours, as well as current market trends. For a fee, you can also get an estimate of your home's value with a professional home appraisal

Mistake #2:  Hiring the Agent the Offers the Highest List Price for your Home

If you ask several listing agents how much they think they can get for your house, and one gives you a significantly higher bid than the others, be cautious: the agent may be trying to "buy" your listing by suggesting an unrealistically high asking price. This practice is unethical and costs you time and money, as you'll most likely have to slash the price after your home sits on the market unnoticed for many months.

Always interview at least three agents and choose one who can back up the suggested listing price with comparable sales data.

Mistake #3:  Getting Emotionally Involved

You've likely spent a lot of time, money and energy transforming your house into your home, so it's natural to be emotionally invested in its sale. Unfortunately, buyers won't have the same sentimental feelings for your home as you do, so what you think your home is worth shouldn't be a factor in determining your listing price.

Stay objective during the pricing process by focusing on statistics generated by the CMA. Don't be personally offended by lowball offers.  Instead, think of them as the starting point of a negotiation that could result in a sale.

Mistake #4:  Pricing Too High from The Start

If your home enters the market overpriced, many buyers will overlook it from the get-go because it will be out of their range. By the time you reduce the price to fair market value, many potential buyers will have already found something else. Other buyers may initially be interested in your new low price, but they'll also see that your home has been sitting on the market for some time, which could lead them to believe there is something wrong with the home.

Price your home correctly the first time to gain the attention of serious buyers and sell faster. If getting less money for your home is not an easy thought to bear, think of all the costs associated with homeownership that you'll have to pay if your home sits on the market for several months at an unrealistic asking price.

Mistke #5:  Overpricing Your Home Because You "Have Time"

Sellers who aren't in a hurry often decide to test the market by listing their homes at a high price and waiting to see where the market goes. But in most markets where home prices are dropping, waiting it out may actually cause you to lose money, and you will find yourself in a position where you are 'chasing the market'

Sell your home faster, and for more money from the start, by pricing your home based on current home values.

Mistake #6:  Chasing the Market

If you list your home too high to begin with, you may find yourself making incremental price drops but never quite catching up with the market.

List your home competitively to begin with. In a declining market, consider pricing your your home just below the last comparable home sale.  This will stand a better chance of generating activity, and increase the chance of strong offers.  Even in this market, homes that come onto the market at competitive prices have generated multiple bid situations.  This will also avoid the pitfall of price reductions later, which can ultimately reduce your selling price and time on the market.  Work with your agent to evaluate market conditions and determine the fair market value of your home.

If you are considering selling your home, contact Charles Thomas (Tom) Johnson for a free market analysis of your home in Atlantic County, Brigantine, Margate, Ventnor, and surrounding communities of Galloway, Absecon, and Egg Harbor Twp.

(information for the above article was from FrontDoor.com)