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Selling in Chicago: Key Strategies to Keep in Mind

Jul 26, 2020 | Industry News

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Are you thinking of selling your Chicago home? Selling and buying real estate tends to be the largest financial transactions most people encounter, so it would make sense to be aware of any potential strategies to ensure you get the most bang for your buck. Here are a few key tips to keep in mind.

 

Be Buyer Ready

Prior to listing your home, you want to make sure that it’s up to snuff as far as a potential buyer is concerned. Sure, your home may be perfect for you and your taste, but will it appeal to the masses? When selling a property, it’s important to prepare and stage your home by removing personal belongings and any unnecessary clutter. The home should represent a blank canvas to the buyer, one they can make their own. You may want to give the home a coat of fresh, neutral paint, give it a good cleaning, and to do any small repairs. Remove any bulky, oversized furniture as it tends to make the rooms look smaller in size. If a buyer is on the fence about the type of home they want, you want your home to sell itself and convince them that this is it. You’re selling a lifestyle as well as a home. 

 

Find a Seasoned Realtor

A common misperception is that all real estate agents are the same and that their job is pretty easy. In all actuality, hiring a good real estate agent is one of the smartest things you can do as a seller. Selling your home on your own can be done, but it really isn’t recommended for a few reasons. If you’re not a licensed real estate agent, you don’t have access to the multiple listing service (MLS) which is a database used by cooperating real estate brokers to list properties and share information about them. Having your property on the MLS allows multiple agents to suggest a viewing of your property to their clients, opening up a much larger window of interest.  Aside from the MLS, agents have a huge audience on multiple marketing platforms, and they have the knowledge and experience to price your home correctly and to negotiate on your behalf. When choosing a realtor, shop around, ask questions, and communicate your expectations, as you want to make certain that you have the right person to trust with the sale of your home.

 

Be Realistic About Pricing

When choosing a price for your home, be realistic. Do your homework, check out the comparable sales in the area, and adjust the price for additional upgrades or lack thereof.  Oftentimes, sellers price their homes based on two things – one, wishful thinking, and two, emotional attachment. There are a few problems that can arise when doing this, however. If you price the house above the comparable homes in the area, your home may be skipped over altogether by potential buyers. If you have less traffic, you have less opportunity for offers which, in turn, has your property sitting on the market longer. The longer the property is on the market, the higher the red flag to buyers. In addition, it’s important to price the home so that it falls into the correct price range categories for online searches. For example, if you price your home at $500,000, those that are looking in the range under $500,000 will never see it. If you price it at $499,900, they will. This is one of the reasons it’s important to have a seasoned agent, as they’ll be able to determine the value of your home as well as price it with a helpful marketing strategy in mind. 

 

Stay Calm and Collected

Real estate transactions can be a bit of a roller coaster ride, which can sometimes cause tempers to rise when things seem stressful. Be aware ahead of time that there are no guarantees until the transaction is completed. Things will come up – inspections may uncover items that require additional negotiation, buyers may lose their financing, someone may drop the ball. It’s important to know what to expect during the process and to be prepared to deal with the ups and downs as they come so as not to jeopardize the deal. Be open and flexible but also make your expectations clear. Be prepared to negotiate throughout the process if something unforeseen occurs. While going with the flow may be a bit too relaxed of a stance to take, keeping your cool will do you a world of good.

 

 

Selling your home may seem stressful, but the more you know and the more prepared you are, the easier the process. What other tips do you have on selling? 

 
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