It’s no secret that the real estate market has been red hot since the middle of 2020 and for those gearing up to sell their homes, it can mean a big return waiting for you at the finish line. Though sellers still currently have the real estate advantage, it can still be a daunting task prepping your home to sell. That’s why, we’re taking the guesswork out of the process and sharing our expert insight into the dos and don’ts’ so all you have to worry about it maximizing the return on your investment. Don't go it alone - if you are thinking of selling and need help here in Chicago or around the country reach out and we can help. If you are not in Chicagoland we can connect with you one of our partners across the country in our Compass network.
When is it Time to Sell Your Home?
Generally speaking, there are a lot of factors that can go into deciding when it’s the appropriate time to sell a home. From personal changes like expanding your family to job relocations and a rising cost of living, there’s usually one a-ha moment when you realize now is the time for a change. In terms of real estate trends, reports show that homes listed in the Chicagoland area in the early spring sell faster and for higher prices. Keep in mind the spring market in Chicago starts earlier than you think. You won't see flowers outside when the "spring" market hits but rather snow. The spring selling season kicks off mid January and rides full throttle until about June/July. At that point the market can hit a summer slow down but don't let that stop you. It really depends on your motivation, where you live and what you are selling. In addition, you’ll also want to look at market factors when selling your home. From mortgage rates to home prices, you’ll want to consider the best financial option that works for your situation.
Home Staging Tips
Although it may be a seller’s market, you still want your home looking it's best so you can increase your chances of receiving a higher offer. In a recent study done by the National Association of Realtors, 23% of sellers’ agents indicated that staging helped increase offer amounts by up to 5%. So, when the average home price is $374,900, you could be looking at an additional $18,500 added to the price of your home. While you may have a vibrant and unique style that catches your eye as soon as you walk in, you’ll want to err on the side of caution when staging your home. Incorporating elegant neutrals and subtle pops of green through interior flora can help invoke a sense of calming and relaxation, making buyers feel more comfortable within the home. Think white shower curtains and white bedding. Small shifts make a BIG difference. Sometimes we call in the staging pros and hire a professional stager. We love consulting with local designer Candice Mary Interiors (photographed to the left).
In spaces like the kitchen, which is considered the heart of the home, you can have a bit more fun in terms of design elements. Instead of cookie-cutter dishtowels from any department store and the overused cutting board on display, try setting out a chic, tea kettle on the stove or adding subtle touches of personality with items like trendy aprons, coasters and stylish cookie jars. Fake lemons or artichokes can add a nice touch too. Fresh flowers are always a nice touch too.
Finally, you don’t want to put all of the effort in staging the interior without touching the exterior of the home. As buyers are touring the property, they will want to see details that they can envision themselves enjoying. From a cozily decorated porch swing to wooden Adirondack chairs surrounding a fire pit, these little details are what sell the lifestyle of the home. Even a new doormat will freshen up and elevate a first impression for not much money.
Why Use a Realtor
While it may be a seller’s market and chances are, your home is going to sell – you may be thinking why you even need a Realtor in the first place. What a lot of people don’t understand is that selling a home can be a very complex process and without the right expertise, sellers can miss out on numerous opportunities to maximize their profit. Starting with setting the price of the home, Realtors have access to a comprehensive database that allows them to strategically price the home against the competition. They are also up to date on the latest financing trends and can make recommendations on how to boost the value of your home through minor cosmetic changes, depending on what is happening in the market. Thinking of selling? Reach out to our top producing team and book a free consultation today. You can reach us at 773-480-5078 or lauren.mtirickwood@compass.com.
