Wednesday, October 2, 2019

Pricing Your North Shore Home to Sell

If you’d like to sell your North Shore home this fall, give me a call, your North Shore real estate agent! Together, we can come up with a listing price for your home and begin the home-selling process. There is a lot to think about when choosing a listing price wisely. Here are some considerations:

1.  Research the local market and recent sales. This is the most important step in determining the value of your home in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, and other North Shore communities. I have the most recent stats on your local market and can find homes that have sold in the area that are similar to yours in age, size and location. I can see what they were listed for, what they sold for, how long they were on the market, and who the interested buyers were. This will help us determine a price range for your house.

2.  Determine your timeline. If you are eager to sell fast, pricing a bit on the lower end of the value range will attract the highest number of buyers. When they look at listings that include your home and homes similar to yours, if yours is priced a bit lower, they’ll flock to you. If it’s priced too low, they’ll wonder what’s wrong with it. We’ve got to get the number just right.

3.  Price it as an odd number. If we determine that your North Shore home is worth $500K, we might list it as $499K or some other similar number. Why not just list it as $500K? It’s psychology. The $499K looks like a smaller number to buyers, and if they search for houses below $500K, your home will come up in the search. You’ll notice that most listings aren’t given an even number.

4.  Listen to your agent. As long as you choose a North Shore real estate agent with years of experience and sales, you should feel confident in her pricing strategy. It’s our job as agents to know what works and what doesn’t. However, your sale price is an ongoing discussion, not a one-way street. You get a say. A lot of factors play in, so be ready to discuss and be flexible. The price may also change over time.

5.  Understand the appraisal process. Whether you get an appraisal before listing, or your appraisal comes in after you’ve accepted an offer from a buyer, don’t be surprised if it is different than what you expected, especially if you price high. Appraisers focus on many factors, such as the age of the home, square footage, number of bedrooms and bathrooms, size of the lot, location and so on.

For more information on pricing a home to sell, check out this MSN Money article. If you have questions about pricing, listing or selling in the North Shore real estate market, give me a call! As an experienced North Shore real estate agent, I can answer your questions and guide you through the entire home-selling and/or home-buying process.

Janie Bress
Your North Shore Real Estate Expert

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