#chicagomarket

Thinking about selling your house in Chicago? A few years ago, homes were selling rapidly and getting multiple offers well over their asking price. You could name your price and still have buyers lined up at the door.

But today’s housing market is different. Now that inventory has grown, buyers are getting more selective. Homes are sitting a little longer, and more sellers have to cut their prices.

So, how do you still come out on top? It all starts with pricing your house right from the start. Today, that matters more than ever – and it can make or break your sale if you’re trying to sell your house fast in Chicago.

There’s a Real Price Disconnect Between Buyers and Sellers

A recent survey from Realtor.com shows 81% of home sellers believe they’ll get their asking price or more. However, the actual sales data reveals a growing gap between what sellers expect and buyers' willingness to pay.

An annual report from the National Association of Realtors (NAR) shows 44% of recently sold homes went for less than the asking price. And 1 in 3 sellers had to cut their price at least once before the home sold.

It’s a sign that expectations may be a little out of step with today’s reality.

Check out the graph below. It uses data from Redfin to show that asking prices (blue line) are higher than actual sales prices (green line) by a broader and wider margin:

This tells you something important: not all buyers are willing to pay what many sellers are asking. That doesn’t mean you can’t sell your house fast in Chicago for a great price, but it does mean you need to start with a price that reflects what people are willing to pay in today’s market.

What Happens When You Overprice Your House?

Pricing your house high initially may seem like a smart move, so you have more room to negotiate. However, the reality is that an overpriced home can linger on the market, deterring buyers.

Buyers are smart. And when they see a house that’s been sitting for a while, they start to wonder what’s wrong with it. That can lead to fewer showings, less interest, and eventually, a price cut to re-ignite attention. As Realtor.com explains:

“By getting the right price early on, you can increase the odds that buyers will be interested in the home. In turn, this decreases the chances the home will sit on the market for a lengthier timeline, also reducing the odds you’ll need to lower the listing price.”

The longer a house sits, the harder it can be to sell.

You Still Have a Great Opportunity – If You Price Your House Right

To avoid making this mistake, it’s essential to lean on an agent who knows what’s happening locally when you set your asking price.

Your agent will look at recent local sales, buyer trends, and inventory levels to find that pricing sweet spot for your neighborhood, because it’s going to be different based on where you live.

And here’s something else to keep in mind: Home prices have climbed more than 57% over the past five years. So, even if you price a bit below the number you had your sights set on, you’ll likely still be in a great position profit-wise.

With a local real estate agent’s help, you’ll attract more attention, avoid seeing your house sit on the market too long, and maximize your chances of getting a strong offer.

In today’s market, the right price works. As Mike Simonsen, Founder of Altos Research, explains:

“. . . the best properties, well priced, are selling quickly in most of the country.”

Bottom Line: Experts Say

The market has changed, but your opportunity to sell hasn’t. You need the right pricing plan. Let’s walk through what’s happening with prices in our area and determine the best strategy to sell your house fast in Chicago – and for top dollar.

Finding the right real estate agents in Chicago, Illinois, can make a vast difference when entering the housing market. Whether you’re buying or selling, the expertise of an agent is invaluable.

This is especially true for those in Chicago who are looking toward the bustling cityscape for their next investment or home.

Why Use a Real Estate Professional in Chicago?

Using a real estate professional offers numerous benefits. Firstly, they have an in-depth knowledge of the market. Thus, they can guide you through pricing, trends, and opportunities.

Additionally, they navigate the paperwork and legalities, making the process smoother.

Lastly, they negotiate on your behalf, potentially saving you thousands.

When Should You Contact Real Estate Agents?

Ideally, contact a real estate team before you make any decisions. If you’re selling, they can help price your home correctly. For buyers, they help you understand what you can afford.

Plus, they can immediately alert you to new listings, giving you an edge.

How to Choose the Right Real Estate Agent?

Selecting the right agent involves a few steps. First, research their experience and reviews. Then, interview potential agents to gauge their knowledge and compatibility.

It’s crucial they understand your needs and can communicate effectively.

Finding a Responsive Real Estate Professional

A responsive real estate team is vital. You want someone who acts quickly and keeps you informed.

This ensures you’re always one step ahead in the fast-paced Chicago market.

Importance of Local Market Knowledge

Choosing an agent with local market knowledge is essential. They can offer insights into neighborhood trends and amenities. This information is invaluable when making your decision.

Negotiation Skills

Your agent’s negotiation skills can greatly impact your deal. They ensure you get the best possible terms, whether buying or selling.

Thus, inquire about their negotiation strategy during your search.

Bottom Line

The right real estate agent makes a big difference in your Chicago real estate journey. They guide you, protect your interests, and streamline the process.

Therefore, start your search early, focusing on experience, responsiveness, and local knowledge. With the right support, you’ll navigate the market confidently, making your real estate venture successful.