Wednesday, July 24, 2013

Help Sell Your North Shore Home By Pricing it Correctly!

In working as a North Shore Real Estate agent for over two decades, one of the things on the top of a seller’s mind is the listing price for their home.  Sellers want to know that the time, energy and funds they’ve put into their home will give them the return on investment they were expecting, and that they will be making money on their home. 

Coming up with the correct listing price isn’t just coming up with a number, but there are a number of aspects that go into pricing your home correctly.  While sellers may have a goal of what where they’d like to price their home, over pricing your home can be detrimental to the entire home selling process.  Overpriced homes are often overlooked and multiple price drops over time only signals desperation.  However, you also don’t want to sell yourself short.  

Here are a few key tips to know when it comes to coming up with a listing price for your North Shore home.  Of course, your North Shore Real Estate agent will be with you to guide you through each step of pricing your home.

1. Study past sales- While this will take a little work, getting to know what other homes in your town of Winnetka, Glencoe, Highland Park, Northbrook or Deerfield have recently sold for will be helpful in giving you appropriate expectations.  Your North Shore Real Estate agent can also provide you with this list and can explain more about the current market value.
2. Do not confuse active listings with past sales- For those who are new to selling a home, this is key.  The active homes on the North Shore Real Estate market don’t reflect what the actual selling price for the home.  While these homes are your competition, they shouldn’t be the determining factor on the price point for your home.
3. Do not overprice because you have the time- This can be one of the biggest mistakes sellers can make.  They reason that, since they’re not in any hurry to sell, their North Shore home can sit on the market.  The reality?  This can have the opposite effect on your home.  The longer your home sits on the market, the harder it is to sell.  Buyers will assume there’s something wrong with your home, or may not even bother looking at your home if it’s overpriced.
4. Leave some room for negotiation, but don’t overreach- You never want to feel like you’re giving your home away, but you will want to leave some room for both parties to negotiate.   
5. Think like a buyer- You’ll want to talk with your North Shore Real Estate agent about current buyer trends.  What are the top things they’re looking for in a home?  What type of flooring or finishes are desirable?  If you’ve been out of the market for some time, chances are things have changed since you last bought a home.  Getting to know what buyers are looking for will help you evaluate your home, help you consider any updates you’d like to make, and allow you to price your home accordingly.
6. React swiftly and decisively- Being proactive with the price of your home is key.  You want to remain on top of what buyers are saying during the showing of your home and how the market is moving.  Your North Shore Real Estate agent will guide you with this information, and you’ll want to be prepared to respond quickly in order to keep buyers interested in your home.  Don’t delay the inevitable!
Armed with these tips and an experienced North Shore Real Estate agent, you’ll be able to come up with a listing price that’s fair as well as competitive for your North Shore neighborhood.
If you have further questions about selling your North Shore home, or you’re ready to get started with getting your home on the North Shore Real Estate market; please feel free to contact me today!

Janie Bress
Your North Shore Real Estate Expert

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