Selling Your Gold Coast Home
The Gold Coast remains a hot real estate market in Chicago, in part because it is such a desirable neighborhood and secondly, because much of the property here is luxury and affluent buyers are not as affected by economic downturns. That being said, selling a home in the Gold Coast still entails fundamental sales and marketing tactics. Basically, you need to make your house, condo or townhome buyer-attractive. Read on to find out how…
Remember that the Gold Coast area maintains its desirability by presenting itself in a sophisticated and upscale manner. Curb appeal is essential to making your home attractive in its context -- the second-most affluent neighborhood in America. Having a well-maintained property, inside and out, is required.
Refresh the paint! Outdoors, this pertains to fences, exterior trim, garage door, and front door. Indoors, redo the cabinets, moldings, window trim, walls and ceilings. Choose neutral colors.
One of the most important tasks in preparing to sell is to remove clutter. You want to create a showroom of sorts that will highlight the home's best features and not be hidden by piles of stuff or too much furniture. It's also essential to establish an anonymous, open space in which any potential homebuyer can envision themselves living. This can be accomplished by removing any family pictures, trophies, or souvenirs that personalize the home. Clean, de-clutter, simplify and showcase.
When it comes to selling a home, the most important room is the kitchen. Remove everything from the countertops and make sure the shelves and cabinets are orderly and not overfull. The fewer items you have out on the counters the bigger they seem. And if your appliances or countertops are outdated, it can be a good investment to replace these. Upgraded kitchens always increase your home's value and salability.
Set an appropriate asking price. Avoid setting a price that is well above other homes in your area. Buyers are often driven by location and they'd rather buy a lower priced home in a great neighborhood than the most expensive house on the block.
Setting the Asking Price
The essential factor in selling a house and making a profit is time. Generally, the longer a house sits on the market, the less it will bring in. Your real estate agent will assist you in setting an asking price that should receive offers quickly. Your agent knows the market, your neighborhood, and the condition of your house in comparison to others for sale in the area (data your agent can get from a Comparative Market Analysis). She will use the CMA to base her recommendation for the asking price. An appraiser also uses the CMA to determine how much your house is worth given attributes like square footage, number of bedrooms, amount of land, etc.
The trickiest part in pricing your property can be disassociating what your home is worth to you from what it is worth on the market. Listen to your real estate agent and consider what homes have sold for in your neighborhood recently. The key is to remain emotionally unattached and understand that your home is worth what the real estate market determines. By asking too high a price straight out, you could lose a number of potential buyers who are privy to what other homes like yours are listed for. Pay attention to the market and your agent's recommendation and your house should sell.
For Sale by Owner vs. Realtor
Selling a home involves many steps and many factors. If you are thinking of selling a home on your own you are responsible for everything yourself. First, you must find a way to advertise your home. Yard signs, the internet, and newspapers are all ways to get the word out. But something these media outlets can't help you with is getting access to the Multiple Listing System (MLS). A real estate agent can put your listing on the MLS, which offers the greatest exposure to other real estate agents in the area.Another disadvantage of selling your own home is experience. Your real estate agent knows how to list your home, how to find buyers, how to set the price, how to market your home, and how to match your home with what those potential buyers are looking for.
Selling a house is a full time job. If you sell on your own, be prepared to answer numerous calls a day, arrange showings around your schedule, and do a lot more research than if you had a real estate agent. That agent knows what forms to fill out for each region and situation. She knows how to determine whether a buyer has the funds to purchase your house and if the mortgage lender is trustworthy. Your agent is familiar with the sales process and who needs to be involved throughout, such as the escrow company or real estate lawyer, home inspector, exterminator, general contractor, etc.
Also, a real estate agent is essentially a salesperson. She will know the market and the neighborhood in order to sell the strengths and diminish the weaknesses of your home.
Preparing Your Home for Sale -- Professional Stager
Most buyers form an impression of your home within less than a minute of coming in the front door, and the appeal from the street has already been assessed. This limited amount of time leaves little room for error. While your real estate agent can have suggestions for how to improve the look and feel of your home, a professional stager can create a space that maximizes the design of the house. His design experience differs from your real estate agent's because he looks only at what the space can do and how to make it look its best.
Often a home stager will rearrange furniture, give the walls a new paint job, bring in rental art, de-clutter, eliminate excess furnishings, and update the lighting. These improvements are probably on your list of things to do anyway before showing your home, but with a professional stager, you can get the advantage of his design experience. To find a professional stager, begin by asking around. Some interior designers stage homes as well. There are a few organizations that "certify" home stagers, but there is no central association that has certain requirements or restrictions. Ask your real estate agent for a recommendation; and sometimes the agent might find it profitable to subsidize the cost of the professional stager.
When discussing the project with a home stager, determine if he will charge you by the hour or by the project. Also, some stagers rent furniture, so make sure you clearly define the parameters of the project. The return on investment of a professional stager's services can be significant, but make sure you discuss how each project will benefit the home's value and impact the selling price.
Selling Dos and Don'ts
DON'T price your home too high. Some suggest listing your home higher than your real asking price so there remains room for negotiation. However, if you list your house too high, buyers' real estate agents will wait till the price comes down to suggest your house to potential buyers. So, price competitively with your area.
DO keep in mind the return on investment. Repairs are often a necessity, but remodeling may figure into the selling prep as well. In the Gold Coast area, potential buyers expect high quality amenities and top-of-the-line finishes. Without these features, your home might not be competitive in the area. So, focus on upgrades that will pay off (i.e. kitchen and bathroom).
DON'T leave your house "as-is". A home with a personality is much harder to sell because potential buyers cannot envision themselves in the house. Make your house anonymous and attractive to a broad demographic. Repairs and updates may be necessary. If left untouched, your home may seem un-fresh and tired -- which can seriously damage its first impression with potential buyers.
DO research to find a real estate agent. Before settling with one agent, learn about several candidates and their recent performance. How many homes have they sold in your area and how long did it take to get those off the market? Talk to them on the phone or have a brief face-to-face interview. This can reveal how well you mesh and whether you'd feel comfortable working with the agent.
DON'T disregard the importance of having a real estate agent. Your agent's knowledge and experience are invaluable in selling a home. She knows the market, your neighborhood, and how your house compares with other recent sales. Your agent will advertise and show your home -- selling your property's strengths and weaknesses to your benefit. Plus, she is familiar with the paperwork, legal process and every other formality involved in the sale.
DO be open to changing strategy. After a home showing, your real estate agent will get feedback from potential buyers that were not interested in your house. Take these criticisms without offense, and be open to the suggestions your agent has to fix the problems. This might mean new paint, new landscaping, or just a different marketing outlet