Do you call the Windy City home? If so, then you know that the Chicago real estate market is currently booming. Across the nine-county metro area, the median home sale price jumped by more than 16% from January to June 2021.
Are you looking to cash in on this incredible growth?
If so, then it’s time to learn the best way to approach your Chicago real estate for sale! Should you hire an agent or attempt to sell by owner? What steps do you need to tackle before your property is ready to show?
Today, we’re answering all of those questions and more. Read on to discover our five top tips to help you sell quicker and earn more.
1. Make Strategic Updates
If you’re looking to sell a home in Chicago, it doesn’t make sense operationally or financially to sink a ton of money into costly repairs and upgrades. After all, the goal of this transaction is to make money!
However, there are a few changes that you can make to help your home earn top dollar. Some of the wisest and most cost-effective property updates include:
- Small bathroom remodels
- Small kitchen remodels
- Spruced-up landscaping
- Aesthetic exterior improvements
- Adding a deck or patio
You may not have the funds or the bandwidth to totally overhaul your Chicago kitchen, and that’s OK! However, if you can make minor adjustments, such as adding an island or repainting the cabinets, then you can help your home sell at a higher price point.
2. Partner With the Right Agent
Sure, you could try to list your property on your own, and hope that someone stumbles upon it as they search for local homes for sale. However, you’ll likely spend more time and money trying this approach than if you’d just hired a competent listing agent to take care of the work for you.
An agent will be well-versed in every facet of the local Chicago real estate market. They’ll know key pieces of information, such as which features prospective buyers are looking for in your neighborhood and how much nearby properties are selling for.
As you begin this journey, they will be by your side through every step. They’ll help you navigate the complicated paperwork, connect with the right people, and expedite the process as much as possible.
If you aren’t sure how to find a great local agent, then start by reaching out to your friends, family members, and social media followers. Ask them who they’ve worked with in the past and if they would recommend that person again. Then, make a short list of viable prospects and call the top three.
Ask them to share their track record, as well as a full breakdown of their fee structure. Make sure you are crystal clear on the financial details before signing on the dotted line and moving forward.
3. Stage Your Home
Home buyers will begin judging your Chicago property the second that they pull up with their agent.
How is your curb appeal? If your shrubs need a little weeding and trimming, then take the time to do so. Add a fresh coat of paint on the front door and clean any toys off the front deck.
Then, it’s time to make over the inside. As mentioned, you don’t need to totally tear out this space and start from scratch. However, it does help to stage your home to look as aesthetically pleasing as possible.
Clear any clutter, remove personal photos from the wall, and give your whole house a thorough deep clean. You can make even the smallest space look bigger by minimizing the items in the room and making sure everything that stays is neat and necessary.
4. Price Competitively
An agent will be able to compare local sale prices to determine the average selling point in your neighborhood. However, if you’re looking to sell your property quickly, then it’s smart to get a little competitive. You may find that dropping your listing price to 1% below the competition can give you the edge that you need.
If you receive a few strong offers, then your agent can help you negotiate them and even provide a counteroffer. Often, these actions will hinge on how well your home is performing on the market.
If you’ve had a ton of showings and a handful of solid offers, then it doesn’t normally make sense to lower your asking price or adjust it in any way. However, if it’s been sitting there for a while and hasn’t gained any traction, then it may be time to consider if a more affordable price point could make a difference.
If you want to avoid some of the red tape that can come from buyer financing, then you may want to think about accepting an all-cash offer. Companies like URB Chicago can help you sell house in 7 days and walk away with cash in hand.
These types of transactions can benefit both parties by allowing them to bypass a bank or any other type of financial institution. Otherwise, you could wind up accepting an offer from a buyer who’s ultimately unable to secure a loan, leaving you back where you started.
5. Treat It As a Business Transaction
Too often, home sellers miss out on a great opportunity simply by adding too much emotion to the process. If your home sits on the market for months and you finally get a modest offer, then don’t brush it off quickly because it didn’t match the listing price.
It’s natural to feel attached to your home, especially if you enjoyed some major life milestones there! However, it’s important to treat these steps for what they are: a business transaction. Your agent can help you see the logistics of the deal and move forward in confidence.
Do You Have Chicago Real Estate For Sale?
Is it time to move out of your current home? Whether you’re leaving the city for good or simply relocating, these steps can help you successfully list your Chicago real estate for sale.
Our top tip is to find the right agent and allow them to guide you through every step of the process. Together, you can find the set the right price, make small updates, and find an ideal buyer who will appreciate your property as much as you do.
In the meantime, we’re here with more business and technology news you need. Be sure to check back often for all of our informative guides!