Chicago Real Estate

Unfortunately for some, and luckily for others, Chicago, Illinois like many other American cities, has become a buyers market. Although many properties are spending more time on the market, sellers aren’t completely out of luck. Chicago real estate professionals are simply suggesting that sellers think carefully about how they price their homes. Homes that are reasonably priced still sell in a buyers market while significantly over priced homes do not. The unfortunate thing about this is that sellers are often very passionate about their homes and tend to want to determine a listing price based on emotions instead of carefully considering the current status of the market. Ideally, a patient, yet aggressive real estate agent will gently encourage the homeowner to put emotions aside and think about what is best for reaching their ultimate goal – a sold house! Experts also suggest that when preparing to sell a home, consult with an agent before making major repairs or doing major renovations on a home. Unfortunately, many homeowners often sink thousands of dollars into upgrades that they deem necessary for the home, only to find that the repairs do not add value to the home. Or, perhaps a better way to say it is that, in terms of the market and what home buyers look for, the upgrades do not really do much to justify the asking price that the homeowner has his or her mind set on. Of course, this is not always the case, but it happens all too often. A seasoned professional can often provide guidance and help homeowners make upgrades in a manner that will save them money while also adding value to the home. In other words, well planned improvements and upgrades can significantly impact the asking price of a home. Many often attribute a buyers market to a poor economy, numerous foreclosures, and other related circumstances. Oftentimes, these situations do have a significant impact on the real estate market in a particular areas, and can sometimes even have a nationwide effect on the market. However, another problem that many fail to consider is that overpriced homes also tend to have a negative effect on the market. These homes often sit on the market way longer than they should simply because they are not priced properly. The asking price is usually not in keeping with the home, the neighborhood, the price of other homes in the area, or some combination of these factors. The result is a slow moving market and the, sometimes incorrect notion that the market favors buyers and not sellers. If you are feeling this way, stop and reevalaute the asking price of your Chicago real estate to make sure that you, along with your agent have carefully considered all necessary factors.

Team IllinoisRealEstate.com

Brian Nygard
RE/MAX Grand
Direct: (312) 217-8002
Timely Email: brian@illinoisrealestate.com

Scott Epstein
RE/MAX Grand
Direct: (312) 622-6313
Timely Email: scott@illinoisrealestate.com