Wednesday, August 25, 2010

How to Sell Your North Shore Home in a Down Market

Whether your job is calling you to relocate or you are hoping to move into your dream home in Chicago’s North Shore; the thought of selling your home right now can be daunting. You’ve heard the market reports and know that there are a lot of homes for sale from which buyers can pick and choose.

Not only that, but home sales took a downward turn last month as being the lowest in fifteen years. The National Association of Realtors noted that July sales fell by more than 27% to a seasonally adjusted annual rate of 3.83 million. This is the largest decrease on record since 1968. The good news is, there are still buyers out there who are looking to get in on the low home prices and mortgage rates.

So, how do you make your North Shore home shine among all the other options? Below are five key elements that you can do to make sure your home is on the top of buyers lists.

1. Price Competitively- In a world of REO’s and short sales, you need to make sure your home is priced competitively. It’s sometimes hard for sellers to face the facts regarding the market and they want to stick with their ideal sales price. Be sure to start with prices that are comparable to other regular listings on the North Shore Real Estate market, or even better yet, the foreclosures in the area. Buyers will be less likely to want to fight for a lower price when they can find a similar home within their reach.

2. Avoid Foreclosure At All Costs- There’s something to be said for today’s traditional sellers who have not gone into short sale or foreclosure. Many North Shore buyers are still looking for homes that are not “distressed” as they can avoid the headache of additional paperwork, longer waiting periods and the stress of buying a bank owned home. Buyers are also aware that traditional home sales means the property will be kept in the best shape and oftentimes will have recent upgrades. The home is move-in ready and they can even negotiate closing costs or a home warranty with the seller.

3. Spruce it Up- The traditional rules of home selling still apply and should even be kicked up a notch! Make sure your North Shore home exudes curb appeal. This is the first thing buyers will see and will set the tone for the rest of the showing. Make sure the interior is clean and organized. If you are not currently in your home, hiring someone to stage your home might be the added touch that your home needs!

4. Hire a Professional- This may seem obvious, but there are still those who are attempting to sell their home on their own, which will rarely work. Find a Real Estate agent that knows the area and has a proven track record for success. Ask what type of marketing they do, especially online since this is the first place buyers will look for a home.

5. Consider Leasing- While it may not be ideal, if you absolutely can’t find a buyer for your home; leasing may be the best option. Your North Shore Real Estate agent can help you determine when and if leasing should take place and can help you with the leasing process.

If you have more questions about selling your North Shore home or are looking for an experienced agent; please let me know! I understand it’s a tough market and am equipped to get your home in the North Shore sold as quickly as possible at a price that works for you! I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

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