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When selling a home, your valuation strategy can make or break your chances for a quick sale. Listing at the right price gives you a great chance of attracting serious buyers, while listing at the wrong price can cause your home to sit on the market for months with not so much as a viewing.

Unfortunately, pricing your home is not a simple process, and sellers are prone to make mistakes that waste both time and money. Don't let this happen to you; instead, help your property sell by avoiding these six common valuation errors.

Mistake one: Forgoing research

Without investigating recent sales in the local market, sellers tend to base their prices on hearsay or on the listing price of nearby houses. Knowing the prices of your competition is important, but in many markets, listing prices are not a good indicator of what a home will actually sell for.

TIP: Price your home based on a comparative market analysis, a report prepared by an estate agent that looks at recent sales of homes in your area that are similar to yours. For a fee, you can also get a home valuation – in fact, you should get a couple of these for comparison if you have the budget. You can also check recent sale prices in your area with UpMyStreet.

Mistake two: Hiring the estate agent offering the highest price

If you ask several estate agents how much they think they can get for your house, and one gives you a significantly higher bid than the others, be cautious: the agent may be trying to "buy" your listing by suggesting an unrealistically high asking price. This practice is unethical and costs you time and money, as you'll most likely have to slash the price after your home sits on the market unnoticed for many months.

TIP: Always assess at least three agents and choose one who can back up the suggested listing price with comparable sales data.

Mistake three: Getting emotionally involved

You've likely spent a lot of time, money and energy transforming your house into your home, so it's natural to be emotionally invested in its sale.

Unfortunately, buyers won't have the same sentimental feelings for your home as you do, so what you think your home is worth shouldn't be a factor in determining your listing price. Remember that ultimately this is a business deal, however much you love your home.

TIP: Stay objective during the pricing process by focusing on statistics generated by the comparative market analysis. Don't be personally offended by low offers. Instead, think of them as the starting point of a process that could result in a sale.

Mistake four: Pricing too high from the start

First impressions are crucial when selling your home. The first 10 days on the market are your most important time.

If your home enters the market overpriced, many buyers will overlook it from the start because it will be out of their range. By the time you reduce the price to fair market value, many potential buyers will have already found something else. Other buyers may initially be interested in your new low price, but they'll also see that your home has been sitting on the market for some time, which could lead them to believe there is something wrong with the home.

TIP: Price your home correctly the first time to gain the attention of serious buyers and sell faster. If getting less money for your home is not an easy thought to bear, think of all the costs that you'll have to pay if your home sits on the market for several months at an unrealistic asking price.

Mistake five: Overpricing because you have "time"

Sellers who aren't in a hurry often decide to test the market by listing their homes at a high price and waiting to see where the market goes. But in most markets where home prices are dropping, waiting it out may actually cause you to lose money.

TIP: Sell your home faster and possibly for more money by based on current home values.

Mistake six: Chasing the market

If you list your home too high to begin with, you may find yourself making incremental price drops but never quite catching up with the market. And when a home has had multiple price reductions, buyers may view it as stale, and think there is something wrong with it.

TIP: List your home competitively to begin with. If you don't get any bites, don't hesitate to lower your price. Work with your agent to re-evaluate market conditions and determine the fair market value of your home.