Selling a Home in West Loop

If you were brave enough or knowledgeable enough to buy without an agent maybe you are savvy enough to sell without a broker, but if you're like most people the work involved isn't worth saving the commission you'll pay for a professional's services. Let's assume, however, that you're going to sell through a real estate broker. Make sure you talk to a few different sellers' agents before you chose one. Find out how long they have been in business, how many homes they've successfully sold and what their commission is. If you had a good experience with the agent or agency you bought your home from, use them again.

What is a Comparative Market Analysis?

A Comparative Market Analysis, or CMA, is a list of homes similar to yours that shows the selling price or listing price of properties in your area so you can figure out an appropriate price for your own home. You can obtain this report free of charge from a real estate agent. The report may contain a few different types of listings, such "active," "pending," "sold" and "expired." An active listing means the property is currently available. Keep in mind that these prices are what the seller is asking and does not necessarily reflect market price. Pending listings contain a list of homes that are currently under contract, which means they have not closed so the actual sale price may not be available. Sold listings are homes that have sold in the past six months. The CMA will also contain houses whose listings have expired, most likely due to being overpriced. These houses may show up again on the active list with a reduced price. Then there are homes that were withdrawn from the market for any number of reasons and could also reappear at any time.

Setting the asking price

It would be nice if you could set the asking price for your home according to the value you put on it, but unfortunately too many outside factors are at play. There are a few different things you can do to assess the relative value of your home. Unless you work in real estate yourself, it is a good idea to contact a professional when determining what your asking price should be. Call around to a few Realtors, they may offer to do a comparative market analysis for you for free, which will give you a general idea of what your home is worth. You can also conduct on-line searches for other homes for sale in your neighborhood or even attend a few open houses to help get a sense of the current market.

Doing these things will give you a general sense of the market, but before you put your home on the market you will want to get a professional appraisal of the value of your property. A professional real estate appraiser will be able to assess the value of your home and adjoining property. Knowing that amount can help you determine an asking price that is factored between the actual value and the fair market value of your home.

For Sale by Owner vs. Realtor If you're up for the task of selling your own home then the obvious advantage is saving the money that would otherwise go to a real estate broker. This might be worth the extra hassle for some, but for others, not having to be so directly involved in the transaction more than makes up for the forfeiture of a little green.

But if you do chose to sell your home yourself, don't go into it blindly. Educate yourself. There are many websites on the Internet and books available at your local library to assist you in your task. Know beforehand what to expect and what you must do to sell your home effectively. Make sure you are willing to do what is necessary and spend the time that is necessary to get the job done.

Another thing to keep in mind is that buyers tend to offer less to private sellers than they do to brokers. The price is negotiable, of course, but you're at a disadvantage already when the buyers start off on the low-end. And the other thing to consider is the legal risks. Ending up on the wrong end of a lawsuit is a possibility if you haven't made sure you've dotted every "i" and crossed every "t" in your dealings. It comes down to risk versus reward.

Prepping your home for sale Before you put that house on the market, it's time to fix all those little things that have gone un-repaired for years. The things you've always meant to get around to, but have put off. You might even consider having a home inspector come in and get a professional third party perspective on what you need to take care of. The potential buyer will also have a separate inspection, but the fact that there have been two independent inspections should further put their mind at ease. In addition to fixing what's broken, it's time to clean, really clean. A good thorough spring cleaning, regardless of the season, is probably the easiest thing you can do to get your place ready for the market. Washing windows, cleaning carpets and drapes, this is the time to do all of the above.

Flowers are a nice touch too. Some agents even recommend having some bread or cookies baking in the oven when showing the place. It's kind of like subliminal advertising in a way. You want to create a homey, comforting feeling that will make an emotional connection with the potential buyer whether they're aware of it at the time or not. Those are a few easy ways to get your home looking more attractive to potential buyers, but you might want to go that extra mile with a new coat of paint. You may like your hot pink kitchen but remember, not everyone shares your tastes. Consider painting it a more neutral color. Don't neglect the outside either. You want to give your house that "curb appeal'" from the second a potential buyer sets eyes on the place, so make sure that lawn is close-cropped and the hedges trimmed.

What are buyers looking for in a home?

Home buyers want it all... walk-in closets, central heating and air conditioning, two car garage, deck, backyard and could you throw in a rose garden while your at it? Of course, expectations will meet with reality sooner or later and quality will often trump the quantity of amenities. If potential buyers see that you've put thought and care into your home and have utilized the space to optimal effectiveness in an appealing way, then they will be impressed and show interest.

In today's market many buyers are looking for energy efficiency and green options. If you have the means, replace old conventional appliances with new energy-conserving versions or other sustainable options that are easy to add and are well received by potential buyers. There's no end to what individual buyers want to see in a home, so you can't plan for everything. But just keep in mind that a buyer might be looking for a house where they can set up a room for an office, or may want a home with room to add on for a growing family, or they may require a southern exposure for their budding botany hobby... who knows! They will either find your home suitable for their needs or they won't. All that you can do as the seller is to make the buyer see the home's potential like you did when you purchased the home.

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