Are you thinking about selling your house in Chicago? With the help of real estate experts, you can ensure you price it correctly. There’s no denying that we’re in a sellers’ market right now. With low inventory and high buyer demand, homes are selling above their asking price at an all-time high. According to the National Association of Realtors (NAR) most recent Realtors Confidence Index Survey:
- Homes typically sell within 17 days (compared to 26 days one year ago).
- The average home sold has five offers to pick from.
- 54% of offers are over the asking price.
Because so many buyers are competing for so few homes, bidding wars are driving up home prices. According to an average of leading expert projections, existing home prices are expected to increase by 8.9% this year.
Yet even in today’s red-hot sellers’ market, it’s important to price your house right. While it may be tempting to price your house on the high side to capitalize on this trend, doing so could limit your house’s potential.
Why Pricing Your House Right Matters.
Here’s the thing – a high price tag doesn’t mean you’re going to cash in big on the sale. While selling your house for a high price may seem tempting, it could limit your sale potential. An excessive list price may deter buyers, cause your home to sit on the market, or necessitate a price drop that can raise questions among potential buyers.
Instead, focus on setting a fair price. Real estate professionals know the value of your home. By pricing your house based on its current condition and similar homes that have recently sold in your area, your agent can help you set a realistic and obtainable price – and that’s good news for you and buyers.
When you price your house right, you increase your home’s visibility, which drives more buyers to your front door. The more buyers tour your home, the more likely you’ll have a multi-offer scenario to create a bidding war. Multiple buyers competing for your house sets you up for a bigger win.
Bottom Line.
Working with a local real estate professional is essential when pricing your house. Let’s connect with real estate agents in Chicago at KM Realty Group LLC so we can optimize your exposure, your timeline, and the return on your investment, too.
