5 Tips to Accurately Price Your Chicago Home

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Today, I’m going to discuss how to price your home accurately in today’s market. Here are five things you should keep in mind.

1. Consider the comparables in the area. What have other homes sold for in your neighborhood in the last 60 to 90 days? How do they compare to your home in terms of size, upkeep, and amenities? 

2. Consider the competition in your area. Always be aware of which homes are for sale in your neighborhood.

3. What are your contingencies? Is there a certain time frame for your move? Do you need to be in the new property by a certain date? There are two issues that affect real estate sales in any market: price and the seller’s motivation.

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Price your home correctly from the start.

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4. Be accurate in pricing. According to the National Association of Realtors, if you are 3% higher than what the fair market value is, your home could take 20% to 30% longer than the average market time to sell. 

5. Know what offers you’re looking for. Know what you are willing to take before you even begin negotiations with the buyer. 

If you have any questions, give me a call or send me an email. I would be happy to help you.

Three Important Questions Sellers Ask Their Agents

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Today I want to discuss the three questions sellers ask when hiring a real estate agent. When I meet with sellers, there are usually three questions that come up the most. They are:

1. How much is my home worth?  

Fair market value is determined by who’s looking and who’s competing. Since that changes moment by moment, so does the value of your home. There’s no exact science for it.

2. How long is it going to take you to sell my home?

Price and motivation dictate when a home sells. Whenever a seller is highly motivated, the price is usually in line with fair market value, even sometimes below it.

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Price and motivation dictate when a home sells.

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3. What are you going to do to get my home sold?

I always tell sellers there are two different types of brokers. You should know that 95% of agents are passive. They will put your home on the MLS, stick a sign in the yard, and wait for business to come to them. An agent like myself, who is in the top 5%, is an active agent. An active agent is going to actively and aggressively market your home while talking to at least 42 different buyers each day who are looking for a home.

If you have any questions for me, don’t hesitate to give me a call. I would love to hear from you!

5 Reasons to Expect a Strong Spring Market in Chicago

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I’m here with David Bowen from iMortgage. Today, we’ll discuss five reasons you can expect a very strong spring market this spring in the surrounding Chicago area.

1. Strong job growth: This is probably the most important factor for the upcoming spring market. The job report just came out and unemployment is below 5%, which is great news! When people have jobs, they buy homes! There has also been job growth in the residential construction market, which means more homes are being built.

2. Rising home sales: Over the course of the last 30 to 60 days, we’ve seen sales increase by 8%. Last year, 5.26 million homes sold in the United States. This year, 5.3 to 5.4 million homes are expected to sell.

3. Steady price gains: Values are going up and new construction is becoming more steady, especially downtown. That is an excellent indicator that prices will remain strong.

4. Low interest rates: Interest rates are all below 4% for any product. Rates are expected to rise, but they should not go up this spring. They are going to be very careful about raising interest rates over time.

5. Rising monthly rent payments:  It is extremely expensive to rent right now, and it may actually be more affordable to buy a home.

There you go, five reasons why our real estate market is going to be very strong this spring. If you have any questions for David, send him an email at dave.bowen@imortgage.com or give him a call at (630)427-8420. As always, if you have any questions for me, give me a call or send me an email. We would be happy to help you!

What’s the Secret to Home Selling Success in Chicago?

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If you want to get your home sold quickly and for top dollar this spring, the most important thing you can do is price your home right, the moment it hits the market. Remember, you never get a second chance to make a lasting first impression.

Next, make sure your home is in pristine condition before listing it. The best way to do this is through staging, which allows buyers to imagine how they would utilize the space. To do this, you need to depersonalize and declutter the home to make it as appealing to as many buyers as possible.

Lastly, you need to know your target buyer market. Any home priced between $200,000-$225,000, there is a good chance a millennial is going to purchase it. About one-third of all buyers in this market are millennials, and about 70% of buyers are move-up buyers. Know what kind of person is going to be interested in your home and find a way to market it to them!

There is a myth about when the best time to list your home is, and that time is right now. Really, the best time to sell is when you and your family are ready to do so. However, it is worth mentioning that the largest volume of buyers are out at this time!

In order to really get the most out of your home sale, it’s crucial to hire an agent who will help you do all of these things. They will take the weight and the stress off your shoulders and get your home sold quickly and for top dollar!

If you have any questions about this, or if you need real estate assistance of any kind, please don’t hesitate to reach out to us. We would love to hear from you!

Important Trends in Chicagoland Real Estate

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Today, David Bowen from Wintrust Mortgage and I will be discussing important trends in the Chicagoland housing market. 2015 was an excellent year for sales and appreciation in our marketplace. 

In fact, we noticed a 6.6% sales increase last year in the nine-county Chicago area. In the metro area, we saw 7.8% sales increase as well. Additionally, in the Chicago suburbs, there was a 9.4% sales increase.

Overall, the median sales price is $210,000. That means price tags for homes locally have increased 8.8%. Can we expect the same trends for 2016? I anticipate we’ll experience a moderate increase between 3.5% and 4%.

As for the mortgage side, interest rates won’t be a problem this year. We anticipate the Federal Reserve will increase rates slowly throughout the entire year. The economy is booming. Unemployment is low. This factor alone won’t hinder housing sales and market growth. We might even experience better market conditions this year, because the economy is doing so well.

If you’re thinking about buying or selling a home in the surrounding area, give me a call or send me an email. I’m happy to answer any questions you have about this topic or anything else related to real estate. Feel free to reach out to David by phone or email for your mortgage needs.