Even in this intense seller's market, there are mistakes that one should avoid. These common errors can delay the sale of a home or cause the property to sell for less than it should.

pricing

We all know the 99-cent marketing trick that retailers use to price goods. An item priced at $4.99 instead of $5.00 actually increases demand due to a phenomenon known as left-digit bias. Consumers are disproportionately influenced by the left-most digit when it comes to cost. This tactic is common in real estate- but it might be time for the industry to give it up. 

97% of buyers use the internet to search for homes. The first thing they're going to do when they pull up a real estate website is filter their search based on price. Open up Zillow right now and you'll find that the price filter can only be set to round numbers- same with Realtor.com, Homesnap, Danberry.com, and every popular search site. 

Let's say a buyer has a max budget of $300,000 and they're keeping their eye on anything between $200,00 to $300,000. If your home is listed at $199,900, it's probably similar to the homes they're browsing. Unfortunately, they're not going to see it because that $100 difference is filtering it out of their search. 

It's time to leave this outdated practice in the past and price your home in a way that gains maximum online exposure.

going active too soon

Once you've made the exciting decision to sell, you might think you should get your home on the market ASAP. But even a house in remarkable condition needs time to work out the details. First impressions are everything, so it's important you clean and declutter before professional pictures and showings. 

Consider problems that may come up during the sale. Do you have any liens other than a mortgage? If so, request a payoff amount so there are no surprises later when title obtains it. 

Think back on any issues you've had with your home because you'll need to disclose defects (more on that below). While some ongoing issues may not require immediate fixes, others will. Even a minor leak can cause major problems the longer you let it go. Talk to your agent and figure out if you should do repairs prior to listing. 

Do you have a plan in place for your next move? If you're renting or buying, this is not a market you want to enter blindly. If you don't have somewhere lined up, your Realtor may need to make your sale contingent on finding suitable housing. If you do have somewhere lined up, make sure you're clear on the timelines. 

Selling can be quite stressful even when things go well. Set yourself up for the best possible outcome by taking care of these details prior to listing.

failing to disclose defects

You're legally required to disclose known defects per your state's property disclosures. If you're grappling with whether or not an issue should be listed, being as upfront as possible is generally the best policy. You'll be able to further explain the issue and any steps taken to remedy it. Buyers will appreciate your honesty- so the more info you provide, the better!

Inspectors and contractors will be on the lookout for ongoing issues and they can often pinpoint non-professional attempts at fixing them. You're not going to get much past them, particularly when it comes to major defects. Filling buyers in on the known condition of your home will save both parties time. On the flip side, trying to conceal known problems could end with the buyer taking legal action against you. 

It's important to note that you are not required to proactively search for defects. You only have an obligation to disclose what you know. Let's say you haven't been in your crawl space since you bought the house and the inspection turns up standing water- this is not an example of nondisclosure. However, if the buyer backs out and you re-list without updating the property disclosures to reflect the inspector's finding, then you are failing to disclose a known issue.

taking feedback personally

Buying a home is a huge investment- a personal and exciting one, sure- but one that should be treated as a business transaction. After all, most buyers will be acquiring 30 years of debt after closing. That's why you can't take feedback and negotiations personally when selling. 

Selling can be a very emotional process, but the bottom line is that your home isn't going to be suited for every buyer. Even the buyer whose offer you accept isn't going to like every single thing about the home, and that's okay! The feedback to be most focused on is pricing. Don't worry about the feedback you can't change, such as location. 

If feedback or negotiations have you feeling slighted, put yourself in the buyer's shoes. They're paying top dollar on the biggest investment of their life- it's not unreasonable to assess the situation with a critical eye. Remind yourself that negotiations aren't a personal affront.

listing without a realtor

With buyer demand so high, you might be wondering if it's necessary to list with a Realtor. You can sell your own home in a day and save money on commission, right? 

All available data shows it's not that easy. The NAR found that FSBO homes sell for 26% less than homes sold with an agent. FSBOs accounted for 7% of home sales last year- and 57% of those FSBOs sold directly to someone they know. Only 11% of FSBOs succeed at selling on their own. If that comes as a shock, you might want to consider the vast responsibilities of a Realtor: 

• Effective marketing that promotes your home to a wide audience across the MLS, social media, and all of the most popular real estate sites
• Coordinating showings & paperwork
• Assisting you with your legal duty to disclose known defects
• Verifying whether a buyer is qualified & negotiating on your behalf
• Scheduling with inspectors, contractors, and appraisers
• Communicating with lenders, title companies, and attorneys
• Ensuring that contractual obligations and timelines are fulfilled 

Selling on your own can be time consuming, complicated, and might cost you more than listing with a Realtor.