No seller likes selling when prices are falling, and it is a buyers market. On top of that there are 1000’s of bank owned properties, short sales, and builders doing deep discounting of their inventory. Currently about 1/2 of the buyers are looking only at properties with deep discounting.
1. Realize that pricing does change by neighborhood. Based on competition, quality of properties, and location, schools, etc. If you want to sell you need to price close to where the last similar ones either sold or went under contract! If you are listed, and not getting any showings for 14 days, you must change the price if you want to sell!
2. Know who your competition is and monitor their activity…pricing, conditions, incentives offered, etc. You may compete with your neighborhood, town, and new construction…
3. Know absorption rates… how many properties on the market vs buyers in it for your town. On the whole in chicagoland there is about an 11 month supply of properties.
4. Have your property ready to show! Staging, updates, repairs done, and a good look. Buyers today are like “Cherry Pickers”. They only want the best! Any negative is magnified in this market. If you cannot fix or update, offer a credit or reduce price.
5. Have a professional appraisal donneand post that result in your flyers for the buyers who come through.
6. Have a Home Inspection done, and repair any issues that come up. Put report out for buyers to see, and information on repairs done.
7. Hire an agent who will be truthful on pricing, marketing and who communicates and or uddates you regularly!
If you are a 1st time homebuyer, ask us for a free package on the $8,000 Buyer Credit!
Want to know your property value? Call or email me…
John Hybl Licensed Managing Broker
Search 70,000 properties for sale in Chicago & the Suburbs at DanaHybl.com