You have probably received a lot of advice If you are considering selling your home inÂ Chicago, IL
. However, youÂ may be getting bad advice! Some of the information you hear may be outdated and not realistic in our current market. Here areÂ a look at the top three myths.
Myth #1:Â Sellers should still price their home higher than market value to allow for negotiating room.
Truth:Â Keep in mind this is a buyers' market and pricing too is a big mistake.Â Â If your home is overpriced in this current market, then agents showing your home will use your property to sell one of the other properties currently listed and in competition with your home.Â Â
Three important things to keep in mind when pricing your home:Â
1. Is your home updated?
2.Â Does it need cosmetic touch ups like fresh paint and new carpeting?Â
3.Â Is your home in a location that will attract buyers or is there a major highway that runs thru the backyard?Â
These are all items that the buyersâ€™ lender will use when doing an appraisal on the property.Â Â The bottom line is this:Â you can price your home at any value you feel is appropriate, however, it still needs to appraise for the selling price in the contract in order for the bank to approve the loan!Â This is a common aspects that new sellers struggle with.
A well-trained real estate agent who looks out for your best interests will consult with you on your homeâ€™s fair market value and guide you accordingly.Â Remember, agents do not set the price of a home, sellers do.Â Agents are here to give you current market information in order for you to make an informed decision to price the home in line with what is currently selling.Â The worst thing to do is price it higher than what is sellingâ€”all you end up doing is chasing the market from a losing position.
Myth #2:Â The carpet needs replacing.Â Why canâ€™t I offer a credit at closing for new carpet?
Truth:Â Todayâ€™s buyers are looking for houses online and first impressions are critical!Â Â More than 87 percentÂ of todayâ€™s buyers are searching for homes online.Â They are quite Internet savvy and know what they are looking for.Â If your home looks great in the pictures, then chances are good that they will linger on your homeâ€™s listing a bit longer.Â When they see worn carpeting (and yes, it does show up in the pictures) or outdated appliances they immediately proceed to the next home for sale. They donâ€™t read anything beyond that.Â Realistically, if you were in the buyers shoes, would you?
Before your homeâ€™s initial debut online, it is important that it show well to draw the potential buyers inâ€”not turn them away!Â What seems like a savings for the seller in the beginning of your homeâ€™s market time might end up costing much more in the long run.Â Remember, buyers are comparing your home to other homes that are currently on the market.Â Your home should be inviting so that everyone who looks at it can see themselves living there-move in ready!Â
Myth #3:Â Updates are not necessary.Â Letâ€™s just list the house and see what happens.
Truth:Â Buyers probably wonâ€™t make it to your doorstep if your home doesnâ€™t appeal to them online.Â Again we need to be mindful of first impressions.Â In todayâ€™s market, your homeâ€™s online presence is vital to drawing in buyers.Â If the pictures of your home look great but the cabinets are circa 1970 and your appliances are old, then chances are good that they will be on to the next listing without batting an eye!Â You donâ€™t always have to replace the cabinets.Â Sometimes a coat of paint and some new hardware will add life to your home and freshen up its appearance.Â This is where a good agentâ€™s expertise comes in handy.
Find a professional agent who will give you good advice on your home sale who's suggestions areÂ aimed at getting your home sold as quickly as possible and in the shortest amount of time.