In today’s economic climate and tough real estate market, sellers have little to no room for mistakes when putting their home on the market or they risk having their property linger. It’s not unusual for some homes to sit on the market for months on end, while many areas are still working through a backlog of foreclosure inventory, which also drives down home prices. Seller’s must avoid these 4 mistakes:

Mistake #1 – Overpricing the home

Home values have dropped considerably since its peak in 2006, but sellers are still often tempted to list a home based on what they paid for it. Eventually they realize their error and have to reduce their price, sometimes several times. Don’t “chase the market” with pricing because you will always lose. Price it right in the beginning and you’ll get the action you deserve.

Mistake #2 – Relying too much on comparables

Size up your competition currently on the market, not just the homes that have already sold. Evaluate all homes with a listing price similar to yours to see how well yours stacks up against the competition and how you can differentiate your home from a marketing perspective.

Mistake #3 – Failing to understand the home’s Internet appeal

Photos are key when marketing a home online. Be sure to include lots of high-resolution “wide-angle” photos of the interior, including all of the areas in a home that buyers most care about, such as kitchen, living spaces, and bathrooms.

Mistake #4 – Hovering during property showings

It’s best if sellers are not in the home for showings. Lurking sellers often make buyers nervous and Realtors want privacy with their buyers so they can get some real feedback about the house and discuss the pro’s and con’s. They may even want to discuss making an offer, but won’t in the seller is hovering around them.