LIST YOUR ILLINOIS HOME Once you’ve decided on a price, it’s time to write a listing description that speaks to local buyers. Understanding their priorities will help you identify what features of your property to highlight in your listing. Here are some of the top buyer priorities in Illinois, according to real estate professionals. LISTING PRICE You will attract a lot of interest from prospective buyers if you price a home perfectly. If you price it below fair market value, you may generate even more interest. Be careful not to overprice it, though, because your home will end up sitting on the market for more than two weeks — a sign to many buyers that either the house is overpriced or there’s something wrong with it.
A pre-sale appraisal gives you a more accurate starting point for pricing your home. In Illinois, appraisals average between $400 and $750 (though they could run higher) but help you walk away with thousands more once your home is sold. BONUS TIP FROM KEN: Ask an agent to perform a comparative market analysis examining comparable properties that have sold recently in your neighborhood. Ken will do this for free! Please call or text to set up a walkthrough of the home for an evaluation of the property’s value. Call or text Ken at 917-232-2277 or email at ken@fultongrace.com
STATE OF THE ILLINOIS REAL ESTATE MARKET
Unfortunately for sellers, the Illinois market has taken a downturn. As of late 2022, the number of homes sold was down by 36.1%, and home prices in Illinois were down 2.4% compared to the same time in 2021. The number of days on the market has also almost doubled from 27 in 2021 to 57 in 2022. All of this means you’ll sell for less than you did a year ago, and it’ll take more work to sell at all. Also, because fewer people are selling their homes, you have less competition. Higher mortgage rates and several years of high prices have led to fewer buyers, but there are still some out there looking for a home. If you price your home correctly, you should be able to generate multiple offers and perhaps even start a bidding war. As the market cools and prices shrink, you’ll want to save on as many expenses as you can to maximize your profits. Selling without a Realtor is one way to save thousands. On the other hand, without the advice of a Realtor in challenging market conditions, you may end up selling for less, possibly canceling out any FSBO savings.
ARCHITECTURAL STYLE
There is high demand for modern, move-in-ready homes with open floor plans in Illinois. Talk about any unique architectural features that could set your home apart, like if it was built by a known architect, has original flooring or doors, or has any historical value. Also, point out what takes your house to the next level. For example, highlight upgrades you made like new windows that will save buyers hundreds in heating costs.
MEDIAN HOME VALUE
$234,951
MEDIAN LISTING PRICE
$249,900
LISTING PER SQFT
$169
% OF HOMES WITH PRICE REDUCTION
12.9%
RECENT RENOVATIONS
Be specific about large updates you’ve made in the last 5 years, such as rewiring electric, putting in a new roof, or installing a new furnace. List exactly when the renovation was done, roughly how much it cost, and what its current condition is today. Health and safety features that may be worth highlighting include the installation of railings on staircases and ground fault circuit interrupter (GFCI) outlets in the appropriate rooms.
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