Right now, we’re in the prime selling season here in Chicago. But, if you have plans to put your home on the market, there is one mistake you must avoid.
Many sellers hire the agent who estimates the highest price for their home. If one agent tells them they should list for $550,000 and another tells them they should list for $500,000, most sellers will, unfortunately, choose the agent who gave that higher price. However, this is actually the No.1 listing mistake a seller could make in our market. The market, not your agent, dictates price.
Instead, sellers should hire an agent they like and trust. They should hire an agent with whom they have a good rapport and who has a proven marketing strategy.
On top of working with the right agent, it’s also important to be informed about our current market. One of the most important things to understand is how current supply impacts the traction you’ll have as a seller in our market.
A market with more than seven months of supply is a buyer’s market, a market with five or six months of supply is an even market, and a market with between one and four months of supply is a seller’s market.
“The market, not your agent, dictates price.”
Another way to gauge the market is by examining the list-to-sale price ratio in your price range. This is important because while your area might be a seller’s market, your specific price range could still be favoring buyers.
In general, the spring market is a great time to sell. So if you have been thinking of listing, now is the time to do so. I recommend you start interviewing agents as soon as possible. Also, if your home is already on the market, the next 90 days are vital. You should ideally have your home under contract before July.
If you have any other questions, would like more information, or want help with your home sale, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Founder & CEO | Luxury Listing Specialist Designation (LUXE)
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