As you can see above 2020 has been a decent year in sales price for the Avondale neighborhood in Chicago. Sales prices have been increasing since 2017. While we have all experienced a roller coaster of a year, real estate has been consistent since mid 2020 in growing sales price numbers. Supply is down, and demand is up in Chicago and more so the surrounding suburbs. This year, I have been in more best and final negotiations than most years. Below you can see that the market time to sell a home within the Chicagoland area has decreased in the number of days to close. If you are thinking about selling your home, it is a great time to do so! Lets discuss the three most important "to do's" to get the best price, and sell your home fast.
LIST PRICE ON POINT
As sellers, we must ease into the process with a reasonable and knowledgeable mind. It will be virtually impossible to sell a home if we list it to high for a particular neighborhood. Although I have seen homes sell for more money than an average year, it is wise to think about the target market resulting to reach the most potential buyers. For example: A neighborhood with an average sales price of 200k will bring homebuyers that are looking in and around that price range. If we list the home at 250k the buyers looking in that neighborhood will not see the listing via internet/app search engines because it is not within their search criteria, in turn limiting the amount of buyers seeing the home for sale.
The goal is to schedule as many showings as possible, so we must target the right homebuyers. If the average home is selling for 200k in a neighborhood, and it is a sellers market: we list for 220k and see what kind of action it brings. If we do not get any showings within 48-72 hours than we lower price until we do. This gives sellers peace of mind that we did not list the home to low. Although this technique does takes more time than if we would list at the average "market price". There is a good chance this will quickly bring a multiple offer situation and the home will sell at a price that satisfies both the seller and the buyer.
2. PROFESSIONAL PHOTOS
To achieve the main goal of scheduling as many showings as possible hiring a professional photographer is key. Besides price, it is the first thing that buyers look at. If pictures look like they were taken off your Phone it will send a very different vibe than if they see a listing that has professional photos. Nice pictures, nice home. Shady pictures, shady home. With the help of your photographer your home will look like a home you, the seller wants to buy! Which leads into the third " to do" to sell your home.
Not surprisingly, this is one of the most difficult challenges for sellers. As sellers are commonly selling their homes because they have grown out of it (so there is a lot of stuff), or they are downsizing and need to rid things around the home, that may hold sentimental value. In order for the photographs to reach their highest potential, and for viewings to capture what the pictures reflect, decluttering is a must. Your Realtor can help guide you in how to start this process.
When sellers declutter it shows buyers the potential each space holds in the house. It lets them see themselves living in your home: how they would decorate, or where they can store their personal things. Instead of seeing how someone else has used the space it opens up the buyers mind. A counter space that is used for coffee and mugs for the seller could be seen as a clear space for a buyer to chop vegetables. By clearing counters, and limiting "stuff" all around your home leaves the Buyers to dream of how perfect the space is for them and placing a competitive offer!
I hope you all had a wonderful Holiday season, and your New Year brings only the best! Cheers, from your NewLand Concepts team!
Visit us at newlandconcepts.com to contact me directly and chat about your real estate goals in the Chicagoland area!