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Chicago Real Estate Market: 10 Tips for Selling Your Home

Chicago Real Estate Market

In 2021, approximately 6.12 million homes were sold in the United States. This sales rate created the best market since 2006. 

This year, many homeowners are eager to put their homes on the real estate market but don’t fully know how to sell. The selling process can be much easier once you understand and implement some helpful tips. 

Continue reading for 11 tips for selling your home on the Chicago real estate market! 

1. Set a Budget

Selling a home can be a complicated process for various reasons. Many people think that there are no expenses involved with selling. They believe they will receive money for their home. 

Unfortunately, there are many expenses involved with selling a home. Some expenses can include:

  • Advertising fees
  • Realtor fees
  • Repairs
  • Upgrades
  • Closing costs

You must set a realistic budget before you decide to sell your home. This budget should include each asset you plan on using to help sell your home. Always save room for any unexpected issues as well. 

However, you may not have as many expenses if you plan on selling your home to a cash buyer. You can go to Urbchicago.com for more information on a cash buy. 

2. Hire a Realtor 

The Chicago real estate market is competitive overall. Selling a home in this market can be challenging with the many different properties available. Remember, patience is key with such a large and diverse market. 

Many sellers find their homes sitting on the market for a long time. Hiring a realtor is the best way to sell your home more quickly. Their expertise will help streamline the process overall. 

Start by researching realty companies in your area. These companies should have agents that understand the local market. They should have experience selling homes similar to yours in Chicago. 

A realtor will also handle most of the work, leaving you to focus on other priorities. Your agent will research your home’s worth by considering the location, value, and condition. After doing so, they will determine an asking price and consult you for approval. 

Once an asking price is agreed upon, your real estate agent will place it on the market. They will use their connections to showcase it as best they can. 

These agents will also handle all offers by consulting with you each time. They will negotiate on your behalf to get you the highest asking price. Remember, you have the final say in accepting or declining an offer. 

Additionally, the realtor will handle almost all the paperwork after you accept an offer. They will also help with the closing procedures and setting up final inspections. 

3. Make Repairs

As previously mentioned, real estate in Chicago is a competitive industry. Therefore, you must do everything possible to ensure your home is in good condition. Doing so will catch more attention of buyers overall. 

Remember, most buyers don’t want to purchase a home to do lots of work on it immediately. However, some will buy houses that need work but expect to pay under the asking price. 

Making repairs to your home will help get you the best price possible. Start by assessing your entire home and list what needs repairs or improvements. 

Start by tackling the most extensive and expensive repairs. You can work on more minor issues if you have room left in your budget. Most buyers are willing to overlook minor problems that can be repaired. 

4. Deep Clean

As you’ve lived in your home throughout the years, dirt and grime have likely built up. This dirt can accumulate in hard-to-reach areas that make everyday cleaning difficult. 

Before you sell your house, you must deep clean it. Doing so will ensure a fresh environment is created for interested buyers. Remember, most buyers want an in-person tour, and a dirty home can negatively impact their opinion. 

To deep clean your home, start by cleaning all floors, countertops, and walls. You can move on to smaller surfaces like windows, vents, and light fixtures. 

You can hire a professional cleaning company to avoid the hassle. They will deep clean your home efficiently, allowing you to focus on selling. 

5. Upgrade

Many buyers are interested in vintage homes and their aesthetics. However, most buyers are not interested in outdated homes. To understand how your home classifies, you must know the difference.

Owning an older home doesn’t mean it can’t be attractive. You will need to make some changes to the interior and exterior if it’s outdated. Consider making upgrades before selling your house.

Start by upgrading the flooring to change the entire look of the home. Today’s flooring trends favor tile or hardwood floors. If you’re on a strict budget, you should consider installing laminate or linoleum flooring instead. 

It would help if you also upgraded all the lighting in your home to make the rooms feel more vibrant. Many older homes still use incandescent light bulbs, which use more energy overall. Instead, upgrade each light to LED bulbs to provide better lighting. 

Appliances are another significant upgrade to consider. Most buyers will appreciate new appliances since they won’t have to outfit the home themselves. Doing so may also allow you to advertise a higher asking price overall. 

6. Paint

Before deciding to sell your home, you should check the print quality throughout the house. Any stains or peeling should be taken care of immediately. Repainting the interior can also create a fresh look to the home. 

You must take care of the exterior paint as well. Remember, the exterior is the first thing buyers will see. A poor paint job can immediately cause potential buyers to have a negative opinion. 

Your paint choices should also be neutral colors. Not everyone has the same taste as you, and neutral colors create a blank canvas for buyers. They can easily envision their preferred colors in a neutral setting. 

7. Stage

One of the last steps to selling your home is to stage it. Staging a home is done so buyers can take a tour and see what it looks like furnished. This allows them to imagine their lives in your home’s setting. 

Staging a home can be done independently or by hiring a professional. Professionals will often bring their decorations and furniture to style each room. 

If you stage your home independently, start depersonalizing each room. It would be best if you took down any unique or personal belongings, including family photos. 

You will also need to declutter each area. Doing so will make each room look larger as it is not filled with unnecessary items. 

8. Advertise

Many homes are being advertised on the Illinois real estate market. As previously mentioned, your realtor will handle most of the marketing for your home. However, that doesn’t mean you can’t help advertise in hopes of selling it more quickly. 

The best way to advertise your home is to take out ads in your local newspaper, magazines, apps, etc. This will get more eyes on your property overall. 

Don’t forget to spread the word throughout your network of friends and family. Someone close by could be interested in a home similar to yours. Your social media pages are a great way to advertise to your social circle. 

9. Open House

An open house is an excellent opportunity for buyers to see your home in person. These events often drive in more offers since there is no need to schedule an appointment to view the home. 

An open house can be hosted any day you’d like, as long as you and your family are away from the property. These events allow buyers to understand the home’s floorplan and characteristics better. They can take their time touring the property to see if it’s a good fit for their needs. 

10. Tie Up Loose Ends 

Once you’ve accepted an offer, the buyer will likely want to move in quickly. To ensure they don’t lose interest, you must let them know you’ll be moving out as soon as possible. 

Before moving out, you’ll need to tie up loose ends so that the next owner is not bothered. This includes ending your water and electricity contract, changing your mailing address, etc. Don’t forget to pack your belongings, and do not leave any junk or trash for the next owner to deal with. 

The Chicago Real Estate Market

These tips will help you sell your home on the Chicago real estate market. Remember to always set a budget and advertise as much as possible. 

Don’t forget to read more of our articles to learn about the real estate market!

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