Chicago Real Estate
things to consider before buying or selling
What's the right price?
Pricing right is an art in the real estate market. Price to high and you are a sitting duck. Price to low and you can be leaving money on the table. Supply and demand play an important role in this factor as well. A saturated market with very little buyers gives the buyers an upper hand in negotiating a lower price which sometimes make sellers feel cornered or handcuffed. While when there is less supply of houses in an area and an overwhelming demand of buyers, buyers tend to get in bidding wars to buy their dream house which often gives homeowners a higher return then expected.
With supply and demand playing a big role there are a lot of internal factors to consider when pricing your house. One big factor that most websites with sophisticated algorithms can't find out is quality and condition of your house. Don't get me wrong, I would definitely check out Trulia, Zillow, or even my property value page on my website to check and compare your research, but what you will find is sometimes way overpriced or way lower then expected due to some recent purchase in the area that altered their algorithmic formula to spit out some crazy number.
In my opinion, you should have your real estate agent show you 8 - 10 comparable houses in your area that have sold in the past day to 4 months. From there, this will give you a good starting point on what people around you were able to sell their house for. Now, there is more to it then just showing comparable houses that any good listing real estate agent can walk you thorough but for the sake of not turning this blog post into a novel, I will stop there and move on to the next big step once you find the right price.
Now, I know I am jumping a bit, but my previous post gives you 9 things that are important to do before you list. If you haven't checked out my previous post, click here.
So, now you have your listing price and ready to put it up on the multi listing service (MLS) so that every real estate agent can find your house and bring their clients to their potential new dream house. There is one big problem....
Your Photos Don't Pop
Think of the MLS as your first interview with a new company. You don't want to show up to an interview with your hair not done, teeth not brushed, dark circles under your eyes, torn clothing, and hung over...right!?!? I really doubt it. In fact, I am sure before any interview you got a haircut, picked out what you were going to wear the night before, brushed your teeth, and got a good night's rest to be sharp and look sharp.
First impression is a huge factor not only in interviews but listing your house.
In my opinion, it is not a bad idea to hire an interior designer to stage your house to get it ready to take professional photos to give that first impression on the MLS to increase the traffic flow of potential buyers. The right price and well photogenic house will go a long way very fast.
Statistics from the National Association of Realtors:
I am a Chicago Real Estate Broker that loves to show people around the Chicago neighborhoods.