Bidding wars becoming less common

Hoping that a bidding war breaks out over your Chicago condo or single-family home? The odds are lower that it will happen today.

That’s the takeaway from the latest research from the National Association of REALTORS®. According to the association, bidding wars — in which sellers entertain offers from more than one possible buyer — are becoming less common.

The story from the association says that only 11.2 percent of offers written by one brokerage’s REALTORS® for its clients was headed for a bidding war. That is down more than 45 percent from a year earlier, according to the story.

The story also says this figure is the lowest it’s been since at least 2011.

Does this mean that it’s not worthwhile to sell your Chicago home today? Not at all. You don’t need a bidding war – and you really shouldn’t expect one – to land a fair price for your city condo or single-family home.

The key to getting right price lies in working with a REALTOR® to set the right asking price for your home. Your REALTOR® will compare your home to others that have sold nearby to determine an asking price that will generate both offers and the best possible sale.

It’s tempting, of course, to list your home for a higher price. That, though, usually doesn’t work. Buyers today understand their local housing markets. They won’t pay more for a home than what the market says it is worth. If you list your Chicago condominium or single-family home for a price that’s too high? You can expect it to sit on the market with few, if any, realistic offers.

Once you set the right asking price, work with your REALTOR® to stage your home so that it looks its absolute best. That’s another way to attract the best prices: Showcase your home so that buyers fall in love.