Home Seller’s Guide: 2024 Edition

Selling a home in Chicago requires a nuanced understanding of the local real estate market and a strategic approach. Whether you're a first-time home seller or have been through the process before, the Chicago real estate landscape can be complex and ever-changing.  It's best to engage a professional who will guide you throughout the entire process.

Here are key proven strategies to selling your Chicago home in 2024.

1. Engage a Realtor

Engage a Real Estate Agent who will have a deep understanding of the local market trends, strong communication and negotiation skills, plus a robust marketing plan to sell your home.

2. Analyze the Chicago Market

Your realtor will keep you informed by analyzing the market based on recent sales comparables, current economic factors, and current housing demand/supply.

Each Chicago neighborhood has its own market dynamics, so the selling strategy has a local focus.

Your realtor will take all of these factors in mind to determine a selling price.

3. Market Your Home Effectively

In today's digital age, online marketing is key. Your realtor will utilize platforms like MLS listings, social media, and real estate websites to reach a broad audience. High-quality photos and virtual tours can make your listing stand out.

4. Prepare Your Home for Sale

Your trusted realtor will help you determine how to prepare your home for sale. The best way to prepare is to keep up with routine maintenance while you live there. It is important to keep the home in great condition and make repairs as needed.

Some homes can get by with small cosmetic improvements and or staging. Some may need renovations to prepare their home. Your agent will help you to determine priorities and come up with a plan for your home sale.

5. Showings and Open Houses

While your home is on the market, it is best to keep it in show-ready condition. It is really hard to be ready to show at the drop of the hat. Some people keep empty boxes in strategic places to fill with items that are used in everyday life.

It is best not to be present for open houses or showings as buyers are more comfortable seeing properties without the owners being present.

6. Closing the Deal: A Team Effort

Once you have an agreed-upon sale, several steps will need to be followed to get everyone to the closing table. With the help of an inspector, lender, attorney, and your realtor, you will be guided by several experts to get you to a smooth and successful closing.

In the meantime, you will need to come up with a plan to move out of your home and into your new one!

Conclusion & Takeaways

Selling your home in Chicago requires careful planning, strategic marketing, and a thorough understanding of the local real estate market. By following the planned strategies, you can navigate the selling process with confidence and achieve a successful sale.

Key Takeaways and Final Advice

- Choose the right real estate agent with local expertise.

- Prepare and stage your home effectively.

- Set a competitive price based on market analysis.

- Utilize both digital and traditional marketing methods.

- Navigate negotiations and closing with professional assistance.


Remember, every home sale is unique, so tailor these strategies to your specific situation for the best results.

Ready to Sell your Home in Chicago?

Contact me, your local real estate expert, when you are considering or ready to start with a customized plan for a smooth and successful sale.

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://www.terribuseman.com/strategies-for-selling-home-chicago-2024/

Why January Is a Good Time to Sell Your Home

Many sellers decide to sell when they think they will attract the most buyers.  They may want to wait for spring and summer when there is more foot traffic and more opportunities to boost curb appeal. But there are several reasons why the winter, and January in particular, could be a great time to to sell your Chicago home, or at least get it ready to list.

Why List your home for Sale in January 

It’s a New Beginning

Many people think of January as a new beginning. It’s the perfect time to start on new adventures like buying a home.

Less Competition

Many sellers shy away from selling their homes in January. Take advantage of low inventory at this time of year. The reduced competition increases your chances of selling your home quickly. 

Motivated Buyers

People shopping for Chicago homes in the winter tend to be motivated and ready to buy. They are willing to go out in the cold to find the perfect home for their needs. Showcase your home’s best features this time of the year.

Full Year of Tax BenefitsHomeowners are eligible for tax benefits such as deductions on mortgage interest and property tax. Moving in January makes them eligible for an entire year of benefits. Capitalizing on tax benefits is key!Lower Home Prices Home prices in Chicago tend to be lower in the winter months compared to spring and summer. Use strategic pricing to attract a wider range of buyersMore Time to Prepare Your Listing If you are not quite ready for the market, use this lull in activity to get your home ready for the spring market. Start on projects like staging, decluttering, and making improvements. You will also find it easy to hire contractors who are slow in January and more likely to get booked later in the year.Corporate Relocations Several businesses arrange corporate relocations at the beginning of the year. Many workers will relocate to a busy city like Chicago. With the help of an experienced agent, you can attract a pool of interested buyers.Discounted Moving Services Fewer people move in winter. Many moving services lower their prices due to a lack of demand.

Tips for People Who Sell Home in January  

Make the Most of Winter Curb Appeal

Some people feel the winter weather doesn’t allow them to make the most of their home’s curb appeal. But you can turn your home into a winter wonderland. Make a cozy seating area, light the exterior with warm exterior lighting, and add a non-seasonal wreath to the door.

Be sure to shovel the path carefully in the event of snow or ice.

Highlight Winter Features

Make your home attractive to home seekers by highlighting winter features in your ad. Mention amenities like fireplaces, heated floors, and insulation. Energy efficiency is a big selling point.

Make Your Open House Cozy

Make your open house a haven for cold home seekers. Ensure it’s nice and warm inside. Serve hot chocolate, tea, or coffee and warm cookies. Light your fireplace if you have one.

Work with Your Agent to Make Your Home More Appealing

Talk to your agent about other things you can do to make your home more appealing. Use competitive pricing. Stage your home so it looks attractive to potential buyers. Take professional photos for your ad. Address repair and maintenance issues.

Some homeowners offer incentives in January like covering closing costs and providing a home warranty.

January’s lack of competition makes it a terrific time to sell. The proper preparation will make it even more attractive.
I always say the best time to list is when your home is completely ready and prepared for the market, no matter what month it goes to the public market. Call me when you are ready. I’m available year-round.

I will ensure your January sale runs smoothly. I will make your home into an attractive winter property. I will help you ring in the New Year with a successful home sale.Ready to start your search?

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://www.terribuseman.com/sell-home-in-january-chicago/

The Rising Appeal for Fixer Uppers in Chicago’s 2024 Market: Opportunities and Considerations

 

Today’s Chicago home shoppers are focused on one thing- saving money. A combination of inflation and rising interest rates have made consumers tighten their belts. They are looking for deals.

Home prices are failing to stimulate the market, but the demand for reduced costs has caused home buyers to go in another direction. They are shopping for fixer-uppers. Experts believe that fixer-uppers are a money-saving option, even considering the repair costs.

However, the smart shopper must still be weary. If repair costs are too hefty, they may find themselves in over their heads. This article will serve as a guide for investing in fixer-uppers in Chicago so you can feel confident you are making the right investment.

Evaluating Fixer Upper Potential in Chicago

Homebuyers must be aware of their expenses before investing in a fixer-upper. A walk-through will give them some idea of what they are in for. But you must dig deeper before signing on the dotted line.

Here are some strategies that will help you evaluate your fixer-upper potential.

• Get A Home Inspection: A home inspection will provide you with an outline of all the repairs needed in the home.
• Estimate Renovation Costs: Create a list of the projects you must complete to get your home in shape. Then speak to a contractor to get an estimate of the total cost. Permits may be required. They will increase your expenses. However, if you can DIY some repairs, you can cut your costs.
• Consider Fixer-Upper Loan Options: Some lenders offer fixer-upper loan options that will cover your down payment and your renovations. Examples include the Federal Housing Administration (FHA) 203(k) rehabilitation loan and the Fannie Mae HomeStyle Renovation Mortgage. They will allow you to put a reserve in escrow to fund renovations.
• Make an Offer: Once you have an idea of the mortgage expenses and renovation costs Chicago homeowners should make an offer that fits in their budget. The offer should include contingencies so they can back out if major flaws are revealed during the inspection or appraisal.

Determining Return on Investment for Fixer-Uppers

Return on investment measures how your home will pay off after it is sold or refinanced considering all expenses and renovations. It can be difficult to determine a fixer-upper’s ROI because it’s likely to increase in value after renovations occur.

Most appraisers will use ARV (after renovations value) which combines the value of your home and the renovations’ potential to increase home value. It considers market shifts in Chicago real estate, the property location, the home’s square footage, contractor estimates, the purchase price, and other factors.

High-value renovations will increase your home’s ARV

Once you have determined your ARV, you can calculate your ROI. An ROI is calculated by dividing the net return on investment by the cost of the investment. The net return on investment equals the value the renovations will add to the property when pricing it for resale.

Fixer Upper Pros and Cons

Investing in fixer-uppers in Chicago comes with its share of pros and cons. Here are some to consider:

Pros of Fixer Upper

• Reduced Cost: The biggest advantage of a fixer-upper is the reduced cost. The lower cost means a lower down payment, lower mortgage payment, and lower interest rates that can remain constant throughout the time you own your home.
• Less Competition: There tends to be less competition for fixer-uppers. As a result, buyers have more bargaining power when they make an offer.
• Customized Results: A fixer-upper is a diamond in the rough. You can make any changes you choose and transform it into your dream home.

Cons of Fixer Upper

• Uncertainty: You can budget your home and get all the necessary inspections. But unexpected issues almost always arise, especially in older homes. You may end up exceeding your budget.
• Long-Term Construction: After your purchase, you probably can’t wait to make your house a home. But long-term construction can keep you from getting too comfy. Prepare to live in a construction zone until the renovations are complete.

I Will Help You Find the Perfect Fixer-Upper

Investing in fixer-uppers is tricky. You need the guidance of an experienced agent. An agent can help you predict market shifts in Chicago real estate and price repairs to ensure you get a decent ROI.

I will use my expertise to help you find a fixer-upper that is suited to your needs. I will guide you on budgeting and expenses. I will ensure you make a wise long-term investment.

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://www.terribuseman.com/2024-chicago-fixer-uppers-opportunities-guide/