For access to accurate information regarding comparable property sales, you should have your licensed Realtor with MLS access prepare a comparables report for you, detailing this information. If you don't have access to the most up-to-date information from the MLS via a licensed Realtor, you do not have all of the information and you do not have the most reliable, up-to-date information.Â
Start by looking very carefully at the specifics for sales of properties that appear most like the one you currently own and are trying to sell.Â As you examine the details about these sold properties, focus on the square footage, number of bedrooms and baths, whether the property has in-unit washer-dryer or in-unit washer-dryer hookups and a dishwasher, condition of the property (including, more generally, whether it is updated and clean,Â and then, more specifically, whether there are double-vanity sinks, hardwood floors throughout the unit, granite countertops, stainless appliances, etc.), parking details, unit floor number, type of building, condition of the building and home owner association, type of sale (was it a foreclosure or short sale? or a "regular sale?"Â estate sale?Â is it being sold "as is?"- this makes a huge difference in market value), and the similarity in location of the comparable propertyÂ (if you are in Logan Square, for instance, properties located directly on the boulevard commonly command a higher price than similar ones located on side streets - it's all about location!)Â
When you find reports for the sales of properties that most resemble the one you are planning to sell which sold in the least amount of time - look at what the list price and sale price of each is and aim at similar numbers for your own listing.Â
The above, however, is all in an ideal world. In today's market, especially as we pass the June 30th close deadline for the first time buyer tax credit, there are often going to be fewer closed properties. If you can't find recent sales for properties that closely resemble yours in the above-mentioned ways, start expanding your search and broaden your definition of "comparable" a bit until you do - open up the location parameters slightly, back up time-wise 3 months and perhaps another 3-months, until you do. Then price as closely as you are able.
Don't price higher and think you are going to get more because you love your property.
You'll think about it - we all do - but don't do it.
With this approach, you'll simply waste time on the market and torture yourself. The longer your market time, the stronger the smell of blood.
And don't list with the agent who tells you the highest list price.
Don't be that sucker.
In all likelihood, the agent who tells you what you want to hear will always do that and you don't want a liar who will "yes" you to represent you - you want a skilled professional who will do what is best for you and tell you the truth (especially and most importantly when it is ugly).
After you list, if you are NOT getting "action" (if no buyers are scheduling showings), start lowering your price on a weekly or bi-weekly basis until you do - this will show you where the market thinks your home should be priced.Â
Ciao for now,
There is no guarantee a home will sell in three months. If you seriously price it under the market in your area, then there's only the possibility. That said, there are some areas in Chicago, where some units have been known to sell for more than listing price. If you want some idea of a reasonable listing price coupled with information on market sales in your area. It would be in your best interest to contact a broker. I am a broker in Chicago and can provide you with the information you are seeking. If you are not already working with another broker, I would be more than happy to assist you. Please give me a call at 312 933 4121.
Ask your listing agent who would have "stat's " provide you
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
It depends on what area the property is located in. Our area sells within the same day or couple days if the home is in good condition and good location.
Slow moving areas take a lot more work and then proper marketing comes into the picture.
Also, to promote more attention, you could list the property for less and accept the highest offer presented. (of course, within the comp's)
Best of luck!