We're coming up one of the housing market’s peak buying and selling times. With that in mind, what are the biggest mistakes made by both sellers and buyers?

For sellers, I find the number one mistake they make is in selecting an agent. If you're interviewing agents, don’t list with the agent who says they'll get you the most money for your home. The danger here is if you overprice your home, it takes longer to sell and ultimately sells at a lower price than if you were more realistically priced upfront.

As a buyer, the number one mistake is falling in love with a house before you buy it. It’s the "I gotta have this house!" syndrome. The reality is, whatever home you buy, you will have time to fall in love with it after you buy it. Because if you fall in love with a house before you buy it, you'll probably overpay for it.

Meanwhile, looking for the link I mentioned with info about the best time to sell and the best time to buy in your area? See what the chief economist of Trulia.com told The Wall Street Journal.