This is based on an article and an NBC News report as well as on my own experience. The NBC article by Marion Brooks can be found at www.nbcchicago.com/around_town/real_estate/5-Real-Estate-Mistakes-You-Dont-Want-to-Make.html .

The first mistake to avoid is not pricing right, of course the wrong price brings the wrong buyers. In this shifting market it is sometimes necessary to adjust the price until you start getting activity. Because the market is continuing to change it may be wise to pay more attention to the competition than to past sales. Past sales are history, but your competition is what the buyer’s will see and make decisions about as to what is the best value. What you paid for your property should not be a deciding factor in how to price your home.

Various sellers and agents are using some incentives to entice buyers such as including a large flat screen TV, my experience suggests that most buyers would rather see a lower price and skip the incentive. According to our MLS at the time of this writing there are 13,931 condos for sale and there are another 7,381 Chicago Homes For Sale. There is a lot of competition and if you don’t win the pricing contest you will not sell.

Next article will deal with the beauty contest that must also be won for a sale to happen.

This is based on an article and an NBC News report as well as on my own experience. The NBC article by Marion Brooks can be found at www.nbcchicago.com/around_town/real_estate/5-Real-Estate-Mistakes-You-Dont-Want-to-Make.html .