There are several pitfalls and common mistakes that sellers sometimes make.  From my experience, here are the top five:

Not Listing With A Real Estate Agent.

An agent will help you reach maximum exposure of your property, they will provide you with many valuable services, save you a lot of stress and hassel, and they will work hard to find ready able and willing buyers that are interested in your home.  In most cases, the cost of the commission is actually less than the savings you get by achieving a quicker sale and higher price.
 

Pricing Your Property To High

It's important to refer to comparative market reports when pricing your property.  Examples of such reports include the Comparative Market Analysis (CMA), and Uniform Residential Appraisal Report (URAR). When your home is overpriced you help your competition. A technique sometimes used by real estate agents is to first show an overpriced home, then show a similar market priced home. This technique helps sell the market priced home since it is the better buy. An overpriced home is often avoided altogether. By showing overpriced homes, an agent can jeopardize their relationship with the buyer. The buyer may think it's a waste of time, or wonder if the agent has their best interests at heart. An overpriced home can remain on the market, become "shop-worn" and even harder to sell. The longer a home remains on the market, the harder it is to generate interest in it, and the eventual selling price can be less than market value. By listing your home at market value, you can generate the greatest number of interested buyers - which will lead to more offers and a better price in the end.
 

Not Taking The First Offer

Often times, sellers are worried if an offer comes in shortly after the home is listed, and start to wonder if maybe they have priced the home too low.  The best time to attract buyers is within the first 30 days after listing the home.  Assuming you have priced your home competitively, be prepared to accept any offer that is close to your asking price as long as the buyer is prequalified to buy your home.
 

Accepting An Offer Without Prequalifying The Buyer

Nothing is worse than accepting an offer and taking it off the market for 30-60 days only to find out that the buyer has changed his mind or is unable to get financing.  You should always make sure you receive a solid confirmation from a trusted lender that the buyer is at least pre-qualified if not qualified to buy your home.  You may want to ask the buyer to meet with a lender you trust to be pre-qualified before accepting an offer.  You can also accept an offer with a 72 hour clause which gives you the right to continue to show the property and to accept other offers subject to the buyers right to remove all conditions within 72 hours of notice if you find another buyer that wants your home.
 

Not Properly Preparing the Home To Show

Most buyers make buying decisions based on emotions and feelings.  If the home is messy, cluttered, has any wierd smells or odors, or has broken or unrepaired items, the buyer will not be as likely to choose your home as one they are interested in.  See the tips below for preparing your home for showing.