Pricing your home correctly is the key to a timely home sale. Price too high, you get no offers. Price too low, and you leave money on the table.

I use the following criteria to arrive at a viable target selling price for your home.

1. Sales in your area: One of the biggest factors in pricing is recent sales. My REALTOR® status allows me access to real-time home sales data via the Multiple Listing Service. I see what similar homes have sold for in the last 0 – 12 months in your neighborhood. Similar homes have about the same square footage, were built around the same time, and have comparable features.
2. Features: Does your home have a unique feature, like additional living quarters or a detached garage? If it’s a feature that is in demand, I recommend a higher price.
3. Condition: Can people move right into your house or will some work have to be done? Deferred maintenance, like roof leaks and running toilets, don’t necessarily have to be fixed, but they may hinder getting top dollar.
4. Other factors: If a new large, company headquarters is being built nearby, I might recommend a higher price since there will be people moving into the area. A dilapidated house on your street might effect your home’s value negatively.

If you are thinking about selling, please call me and I will do a thorough home valuation, complete with a visit to your home and diligence when researching comparable sales in your area. I always discuss the reasoning behind my comparative market analysis.

Remodeling Your Home BEFORE You Sell: Food for Thought

According to a recent article by Jenny Dutton, deputy editor for REALTOR.COM, not all home upgrades will boost your home’s market price. This is especially true for major remodeling projects, which are only expected to make back 56% of the money spent on them, compared to 64% in previous years. These statistics are based on the annual Cost vs. Value report, published by Remodeling magazine for 31 years now.

Due to rising costs caused by labor shortages and building material costs, renovation projects have become very costly. On the upside, some simpler projects offer a larger ROI. Money spent on areas that are noticeable is usually money well spent. The current trend is to upgrade areas rather than building pricey add-ons.

These 8 remodeling projects are currently delivering the highest ROI:

• Painting of the interior can brighten up your home and make it look fresher.
• Unused spaces like basements, attics or patios can be utilized to add on to the square footage of your home. 
• Replacing the garage door is at present top on the list for ROI, according to Remodeling. 
• Curb appeal never loses its importance; make your home more appealing from the outside by tackling the garden and the siding of your home.
• Ensure a grand entrance by replacing an old door with a steel entry door and you will make a 91% return according to the experts.
• Minor kitchen remodeling has a far better return than a complete remodel, so aim at updating a few things such as cabinet doors, handles or fittings rather than a complete renovation.
• Bathroom improvements can include changing lights, a new vanity or shower doors. The cost for addition of a new bathroom can be prohibitive.
• Upgrading of insulation, water heaters and furnaces offer tax incentives in some areas and living cost savings to both current owners and prospective buyers.

Have a project in mind but not sure which way to go? Let’s have a chat; my experience and expertise comes in handy!

How Quality Photos Help You Sell Your Home

According to REALTOR.org, over 90% of prospective home buyers do their initial search online. Listings with quality photos sell faster and at a better price. 

No matter what price bracket your home falls in, first impressions are important and are made when the buyer finds your home on the web. If your home’s photos are not appealing, they will just move on to the next one.

Quality photos will tweak the emotions of any buyer, allowing them to imagine how they could build a lifestyle around your home.  

For photos to be effective and appealing, certain principles have to be applied by the photographer. 

Here are items my preferred photographers address.

Initial contact with your home

Taking time to inspect your home. This gives them the ability to analyze how well-lit it is, what time of the day it’s best to do the shoot, and which angles are best to shoot from. They might even take some trial photos.

Staging

If your home is furnished the photographer and stylist might want to make changes like removing personal items or rearranging furniture. This makes your home more neutral and allows the buyer to imagine living there.  Empty homes have very little appeal so it’s best to do a good staging before photographing. You want to appeal to the emotions of the home buyer!

Less is more

Usually, about 10 photos of the interior and another 5-10 of the exterior are more than enough.  

All-purpose photographs

Once the photos have been taken it is important that they work well, not only on websites, but also in printed media. 

My seller services are thorough and address all facets of marketing your home for the best terms and pricing when sold. Contact me if you are thinking of selling in the Chicagoland area so we can establish a smart selling plan with your best interests in mind.

Why Work with a Real Estate Pro 

So… you are ready to buy or sell a home and not sure if you should go it alone, or bring on a professional real estate agent to assist you? As a REALTOR®, I’ve had this conversation with many clients. 

Here are a few great reasons to use a professional REALTOR®

Access to the MLS

The MLS is the most up-to-date database of all homes for sale. Having your home listed on the MLS is also important because the thousands of agents in that same MLS have exclusive access to your home’s information. The MLS is their go-to, daily resource for finding homes for their buyers.

You need to reach as many potential buyers as possible. For sale by owner listings do not get as much online exposure a home in the MLS does. 

Marketing

Great online and offline marketing ensures that your home gets noticed by buyers that are searching for the amenities your home has to offer. Taking quality photos, promoting your home’s best features, and tapping into a variety of marketing avenues takes time and energy. Also, networking and word-of-mouth is still very powerful. Real state pros network all day, every day. Realtor.com, a top home search site on the web, only advertises the homes listed on agent-access only MLS. 

Questions and Negotiation

It’s inevitable you will have questions that only a knowledgeable and experienced real estate pro can answer. What a time-saver! Looking out for your best interests is what a REALTOR® does, so going to bat for you when a buyer is asking for concessions comes natural to us.

Guidance and Follow-Through

Guidance comes in many forms, from helping you correctly price your home, preparing it for showings, understanding the nuances of local market conditions, to making decision during the negotiation process. Getting successfully to the closing table means relying on your REALTORS® trustworthy advice.

Great communication with all parties, and follow-thru on the dozens of small (and big) tasks that accompany selling a home is crucial. You most likely have a full-time job. Can you really dedicate the time required to prepare, price, market, show, negotiate, schedule appointments, monitor, return calls, and overall keep your home sale on track?

There are many more reasons why working with a pro like me makes great sense that I’d love to share with you. Let’s visit about your real estate needs soon if you are contemplating a home purchase or sale in the Chicagoland area.

Many factors can influence the housing market; these include mortgage interest rates, inflation, employment figures, and the economy. If you are planning to purchase or sell a home, it is good to know if it’s a balanced, buyer’s, or seller’s market.

Balanced Market

A balanced market means about equal supply of homes and demand for homes. Home prices increases are typically in line with the average rate of inflation. There is a 3-6 month inventory of homes (meaning it would take 3-6 months to deplete the number of homes for sale at that given time, at the current pace of home sales).  Homes are most likely selling for at, or close to, list price.

Buyer’s Market

This is also known as a ‘soft’ real estate market and it favors those buying homes. This is due to an oversupply of homes, as more people are selling than buying. The advantage is that there is a greater variety of homes to choose from, typically at lower prices. You will notice that there are an abundance of real estate ads trying to attract buyers, and homes prices may be dropping. There is usually more than a six-month inventory of homes available.

Seller’s Market

It is known as a ‘hot’ real estate market favoring those selling properties, as more people are looking to buy properties than those willing to sell. Property prices typically increase, as buyers are prepared to spend more in order to get the home that they have set their heart on. Sellers are at an advantage as their homes sell quickly, and at a higher price than the long-term average inflation rate. You may notice that real estate ads decrease; inventory levels are traditionally less than three months.

What the market like right now?

One way to determine if it’s a buyer’s market or a seller’s market is to look at inventory (the number of homes for sale). If inventory is low, it is most likely a seller’s market… high, then a buyer’s.

Keep in mind too, that the real estate market can be influenced by the season. Typically, there are more homes for sale in June, July, and August. That means that it could be a seller’s market in the winter but a buyer’s market in the summer.

Market conditions fluctuate as well based on the area. Cities with a lot of available jobs and growing industries will often be a seller’s market, while those with struggling economies most likely favors buyers.

I monitor our local market conditions and have access to timely reports because of my real estate license and REALTOR® designation. I share vital info that helps you make the best home buying or selling decisions. Let’s talk soon about your home and neighborhood if you are on the fence about making a move.