I am in the process of re-working this section and I will add it later this week.
Here is a synopsis of some of the most common mistakes Sellers make:
-Failing to analyze why they are selling. Is your home a live-in or a tear down? is the "highest use" of your home as a single family dewelling or would a conversion to apartments increase its value? I recently sold a small bungalow (in Toronto) for over $800,000. The same bungalow in another part of Toronto would have sold for possible 1/2 as much and 1/2 half again up in New Tecumseth. In many cases, Buyer's buy neighbourhoods, not the structure and will even gut the structure. It is important to set a "highest use" value to your home prior to listing, to be sure that you will obtain maximum value.
-Not preparing their home for the Buyer's eye. Your nick-nacks may reflect your life and interests but not the Buyer's. In some cases, you may have items that may offend a Buyer (think of the posters on your teen-age son's wall!)
-Pricing their homes incorrectly. A home, if properly exposed to a willing Purchaser, will sell for its maximum market-value. No one will knowingly purchase an overpriced home or under-sell a home when the proper market information and valuation is made obvious.
-Selling too hard during showings. Are you trying to hide something? Will you be accused of misrepresenting a defect if one should surface?
-Signing a long-term listing agreement without reading the fine print. There's nothing with a long-term agreement and some properties do take longer to sell (land, for example) but do read the fine print to be sure you understand the conditions and ask questions about opting out of the contract if you decide to not sell or are not pleased with the results.
-Making it difficult for buyers to get information on your home. Buyers have patience but not for ambiguity and they might think you are hiding something. Make copies of receipts outlining upgrades readily available and you will do much to set your Buyer's mind at ease.
-Failing to obtain a pre-approved mortgage for one's next home. Qualifications have changed drastically in the last decade and many home-owners are finding that they would NOT be able to qualify for their homes, based on the current qualification requirements. The shift from full-time employment to contract employment is one example of why this is occuring. Get pre-qualified for your next home before you commit to sell your current one.