3. Effective Home Pricing
Pricing to the Current Real Estate Market
The number one reason that homes don’t sell in today’s real estate market is unrealistic pricing in the market. Many sellers approach this with the mentality that, “I need to get X-thousand dollars out of my home.” In our experience, approaching the sale of your home with this mentality can only end in frustration and disappointment. Regardless of the agent, marketing, or advertising dedicated to home in question, an overpriced listing will only sit on the market, attract low-ball offers, and create resentment between all parties. In fact, it is statistically proven that overpricing a listing from the start will result in a lower sales price even after price adjustments.
“How do you determine the proper pricing of a home?”
Search the internet and you will find literally hundreds of resources for “home values”. From online real estate giants like Trulia and Zillow to national sources like the S&P Case Schiller Home index – it seems like everyone’s got an angle on what your home is worth. Even our local news sources like the Chicago Tribune and Crain’s want to chime in on the debate. Here’s the problem – none of these services take a step into your home, see it from the inside, and focus on the actual “neighborhood” that will ultimately constitute price. Even our “Chicago Home Partner Report” available here will only provide you with a top-level estimate of house trends.
Our philosophy is that the only way to provide you with accurate, granular pricing of your home is to study the local market, visit local “comps” (comparable properties to yours) and then visit your home. Without being able to accurately compare your home with others on the market, recent sold homes, and those going under contract, “estimated” prices really don’t mean much. Realize that every element of media right now is telling the general public that it is a buyers market. With a large inventory to choose from, desperate sellers trying to sell their homes, and even short sales and foreclosures driving prices down they aren’t far from the truth. Pricing a home, not just accurately but effectively, from the start is the most important aspect for sellers to consider.
If you are interested in determining and accurate price for your home, even if you aren’t considering selling immediately, please contact us to set up an appointment. We will be happy to come visit your home and then provide you with a CMA (Comprehensive Market Analysis) of comparable properties in your area.
For more general housing market conditions in your neighborhood we feel that the Chicago Home Partner Market Report is one of the more accurate reports on the market today. Simply click on the icon below, fill out some simple questions about your home, and your customized report will be sent to you via email
