Top Buyer and Seller Mistakes in 2005

Happy New Year! If you haven't yet made your resolutions (or are still open for suggestions), the Illinois Association of Realtors has listed a few of the top mistakes to avoid when buying or selling real estate.


My 2006 challenge to you: Resolve to be saavy in your real estate decisions, and know your market. What worked last year most likely won't work this year. Learn from the mistakes of others, and surround yourselves with trusted professionals.


2005 Top Buyer Mistakes

• Bought properties to flip at top-of-market prices
• Utilized interest-only mortgages, paying top-of-market prices
• Overlooked resale characteristics, especially in upgrades in
  new home construction
• Skipped performing home inspection (especially before some
  markets shifted away from seller's market)
• Misinterpreted developers giveaways (which usually signal
  a softening market)

2005 Top Seller Mistakes

• Over-priced home
• No internet property marketing
• Stopped showing too early after contract
• Refused to pay buyer's closing costs
• Know your market and competition: buyers were more saavy
  with market times and available inventory; sellers were out
  of touch