Pricing Your Chicago Home Right Crucial this Fall
The summer home-selling season is over. If your Chicago condo or single-family home didn’t sell during the summer months, don’t panic. There are still plenty of buyers looking for city homes.
The key this fall, though, is to price your home properly. Nothing keeps a home from selling like pricing it too high for the market.
Financial website Bankrate.com recently ran a feature story on this issue It’s an important read if you’re ready to sell your home or if your Chicago condo or single-family home has been on the market but hasn’t fetched any offers.
It’s tempting to price your home too high. This is especially true if you purchased your residence during the height of the 2005, 2006 real estate boom. But pricing your home higher than what buyers are willing to pay for it won’t do you any good. Instead, your home will languish on the market, attracting no solid offers.
Maybe you have to price your home at a lower value than what you paid for it. That’s unfortunate, but it is a reality of today’s market. Home prices in Chicago have been rising for more than four years. But they’ve been rising at a slow pace. Depending on when you bought your condo or single-family home, you might have to price it a lower amount than what you initially spent on it.
Your best bet is to work with a REALTOR® who knows your neighborhood. This professional will run something called comps, a list of nearby homes that are similar to yours, charting how much these properties fetched when they sold.
You’ll want to price your home so that it fits within these comps. Otherwise, buyers, who understand the market today, won’t bite. They don’t care how much you owe on your mortgage or what you paid for the house 10 years ago. They only care what the market says your home is worth today.
Don’t be stubborn. Setting an asking price that is too high is a guaranteed way to keep your home on the market for a long, long time.