Given the high volume of homes currently on the market, it's exceedingly important that your property stand out from the competition. A buyer has plenty of choices and you want that buyer to be yours, rather than your neighbour’s. Sometimes it is well worth it to pay for a professional home stager. These people stage homes day in and day out, and the results are often amazing. Of course, there are a number of free or inexpensive things you can do on your own to get your house into showing condition.

Most importantly, paint the walls. Next get rid of all the clutter, excess furniture and family knickknacks. Make all the necessary repairs before your first open house. If a buyer sees a small problem, it's likely s/he will wonder about larger issues. The fewer negative points the buyer can come up with, the better the image of your home. In any case, the house should definitely be presentable before it goes on the market. You only have one chance to make a good first impression, so don’t waste it.

Question 2: “Am I asking too much?”

The single biggest mistake any seller can make is setting their asking price too high. In today's financial climate, homeowners often find themselves “chasing the market” and turning off potential buyers, if they don’t price the home conservatively.

The easiest way around this is to hire a professional appraiser to do a research and market analysis for you. In the current market it would be wise to use data as far as two weeks back. Certain areas may not have data available, due to fewer sales, so your appraiser will make appropriate adjustments. However, figuring out how to set the price is tricky and if you see a comparable property has been on the market for a few months unsold, chances are it is overpriced and you will want to set your starting price lower.

Question 3: "Should I take that first offer?”

The reality is that, in any market, the first offer is almost always the best. There are usually several buyers looking for a home in your area. Typically, educated buyers will place a competitive bid on a property they like as soon as it comes onto the market. Over the years we could see that due to a significant inventory supply sellers should expect to receive some low-ball offers. Don’t get frustrated, but don't assume that you'll get better bids the longer you hold out on a price, either, since the longer your home sits on the market, the more likely it is that you'll have to adjust the price to attract buyers.

Question 4: “Did I pick the wrong buyer?”

Assuming that your house was correctly staged and priced, you'll have a couple of potential buyers who are interested in buying your home. Now more than ever, sellers need to select their buyers carefully. With all the defaults in the current lending market, banks are tightening their lending practices, making it more difficult for consumers to qualify for mortgages. So it's critical to find a buyer who does not waste valuable time with your home off the market.

Also watch for those pesky “subject to” offers. You may have to wait, but it's less of a risk to sell to someone who does not also has a home is for sale or has not been qualified by the bank to have two mortgages at a time. If the buyer's current property doesn't end up selling for as much as expected, he/she may no longer be able to afford your agreed-upon price.

Max Nizamov is a Calgary Real Estate Agent professional specializing in Somerset Calgary homes for sale. Talk to him today to learn more about the Calgary property market.