Low Inventory Levels Can Mean Higher Sale Prices for Home Sellers
Hunting for a condominium or single-family home in one of Chicago’s top neighborhoods, places like Lincoln Square, Lakeview, Lincoln Park or Ravenswood? Then you know how few homes are actually on the market here.
And Chicago isn’t alone. According to a recent feature story by REALTOR Magazine, housing inventory levels are tight across the country.
This is a challenge for buyers, of course. It can be awfully tough to find that dream home in Chicago when there simply aren’t as many condos or single-family homes on the market.
But for sellers? The limited inventory can be a money-making positive.
The REALTOR Magazine story said that low inventory levels are resulting in a growing number of bidding wars across the country. This makes sense: If you have a desirable home in a good location, the odds that buyers would fight over your residence rise if there aren’t as many competing homes from which these buyers can choose.
The story says that a growing number of homes are receiving bids that are actually higher than their listing prices. That’s a true positive for a seller. Imagine listing your Chicago condo for $325,000 only, thanks in part to low inventory levels, accepting an offer for $333,000? That’s a nice, unexpected bonus.
Of course, you can’t count on low inventory levels alone to bring you a strong sales price. You’ll also have to price your home fairly in the first place. Buyers might bid higher than asking price. But they won’t pay more than what the market says your home is worth.
Secondly, you need to stage your home so that it looks its absolute best. You want buyers to immediately fall in love with your home, something that is more likely if you clear out clutter and make your residence look spacious and airy.
Finally? Work with a REALTOR® familiar with your Chicago neighborhood. This is the best way to market your home to the greatest number of buyers, and boost your chances of becoming the object of your own bidding war.