Monday, June 30, 2014

Pricing Your North Shore Home to Sell!

Factors to be Considered Before Listing Your North Shore Home for Sale

Chicago's North Shore Real Estate Information

There is a careful balance that needs to be achieved when deciding the listing price of your North Shore home. On one hand, you want to get as much money as you can for your home. On the other hand, you must be realistic about what you home is worth based on several factors. With my many years is assisting sellers on Chicago’s North Shore, I have found that this is the best approach.

Know your comps. Get on the internet and look for homes that are comparable to yours — both currently listed and recently sold. When looking for comparable homes, be sure to take your home’s amenities into account, not just the number of bedrooms and the square footage. Many listing websites offer calculators that can help walk you through the process of comparing your home to others. Keep in mind though, what your home is actually worth to buyers depends very much on how your local real estate market is performing.

Seek professional assistance. Your agent will mostly likely complete a comparative market analysis (CMA) for you. Being that an agent who specializes in your area has worked with many buyers and sellers, he or she will know where to find the information and which information is reliable. It’s also a good idea to have your home appraised as early as you can in the selling process. It will definitely have to be done at some point, and a professional appraisal will give you the true market value of your home.

Market factors. As previously mentioned, the state of the housing market in your area will be an important factor of setting your listing price. While an appraisal may determine what your home is worth based on its physical attributes, you may not be able to get that dollar amount if other comparable homes in your area listed for less. The amount of inventory available in your neighborhood can also affect the listing price of your home. If there are many homes available, buyers will have a bit more leverage than if availability is low.

Be strategic. Before listing your home, you must determine what your bottom-line selling price is going to be. Once you determine that number, have a discussion with your realtor to create a pricing strategy around that number. You will want to start at a price point that is higher than your bottom-line but not so high that it’s turning away potential buyers. You also want to be strategic based on the price range of comparable homes in your area so that your home in returned in as many searches as possible. If the average price range for homes in your area is $650,000 to $700, 000, listing $705,000 may end up excluding you from searches. The more visibility your home has on listing sites, the more likely it is that you will find a buyer efficiently.

Evaluating whether or not your home is priced correctly will be a continual discussion with your agent as you go through the selling process. Revisiting your listing price often is a proactive way to help get your North Shore home sold as quickly as possible. When you are working with a realtor who has extensive knowledge and understanding of Chicago’s North Shore real estate market, he or she will ensure that your home is priced to sell while still having your best interest in mind as well. Please feel free to contact me for more information on selling your North Shore home. I would be happy to be at your side to help your through the selling process.

Janie Bress
Your North Shore Real Estate Expert

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