A simple response cannot be given to this common question. Because every parcel of the real estate market is unique, the optimum time to sell a house is always subject to change. Springtime may be more advantageous in specific situations. You should ask your Illinois Star REALTOR® about the best time to sell your house, as everyone’s circumstances are unique. It may be wiser to sell a house in the fall or winter rather than wait for the spring market. For example, there may be less competition and more serious buyers constantly searching for a property during this time.

Home sellers frequently ask about the local real estate market before putting their property on the market. An experienced REALTOR® will be able to provide you with several market indicators to help you understand the current market. The number of days a home sits on the market is one of the best indicators. When a home is listed for sale, the average number of days it spends on the market might give a seller an idea of how soon his house will sell. Another example of an important market indicator is the difference between the average sale price and the average list price.

Before you put your home on the market, there are a few things you need to know. You should figure out what to do to prepare their property for a sale. Lack of preparation might put the seller in a significantly weaker position. When it comes to selling a house, the adage that you will never get another chance to create a first impression is certainly accurate. It is critical to ensure that the property is shown in its best state. Keeping clutter to a minimum, applying fresh paint, installing new flooring, and eliminating odors are just a few ideas you should consider.

It’s important to tell potential buyers all you know about the property. No one likes getting the short end of the stick. You’ll always be better off being honest if you’re aware of faults with a roof, appliances, or other issues with your property. If you’re aware of flaws, it’s recommended that you fix them before putting your home on the market. This can help you prevent problems and/or costly litigation when your home is under contract, following inspections, or even years after you’ve sold it. Honesty is always the best policy!

Most homeowners love knowing the value of their home. However, this cannot be determined with 100% accuracy in most instances. However, home ownership allows for flexibility to customize and upgrade. Finding out the value of your house is not something you should do without consulting an Illinois Star REALTOR®.

County assessed value for tax purposes is not the same as market value. Many homes sell for much more or less than the assessed value. The assessed value of a home is only used to calculate your property tax. Your annual taxes are determined by multiplying your assessed value by the local tax rate and the state equalization factor. The assessed valuation has almost no bearing on the market value of your house.

The list price is the current price at which a residence is offered for sale. The selling price is the price at which a property is sold. Illinois Star REALTOR® will recommend the right list price that will come as close as possible to the projected sale price.

Brokers utilize a variety of techniques to evaluate the value of a home. Completing a comparative market study is the most accurate way to evaluate a home’s value. A comparative market analysis, or “CMA,” is a detailed examination of recently sold and substantially similar homes. It will provide the seller with the information needed to determine the proper list price.

Not at all. Most sellers and buyers who come across online listings find out very quickly that these sites do not reflect reality. Third-party real estate websites give home value estimates for virtually every residence in the US. How can a website based out of state produce an accurate property value for a home in Chicagoland? They cannot! They employ algorithms to establish prices based on formulas only known to them without having inspected the property or knowing anything about it except for the address. Out of State, third-party websites often give sellers a false sense of optimism. A seller who learns that their home is valued at $39,000 less than the online estimate will naturally be disappointed. When selling a house in the Chicagoland area, it’s important that the value be determined by your Illinois Star REALTOR®.

Some sellers feel they should price their homes higher than the broker suggests to make room for negotiation. An accurately priced property always sells faster and at the asking price. Here, there is no need to negotiate. Most homebuyers are well-informed. A homeowner who overprices their property to allow for negotiation may end up losing time and money.

There is no one-size-fits-all response. Every real estate agent has a distinct preference for the duration of listing agreements. When determining the length of a listing agreement, it is important to understand the average number of days it takes in your area for a home to sell. If your local real estate market has an average of 80 days of market time, a 95-day contract may not be enough.

Commission rates are always negotiable. Don’t be fooled by real estate agents who claim otherwise. You get what you pay for. Will they be more aggressive in the negotiation of the price if they have a smaller commission? Do you think they will also do all this work? Would you work as hard if you were paid less per hour than you typically do? Most likely, the answer is no. A common mistake homeowners make when selecting a REALTOR® is choosing one purely on the basis of the REALTOR®’s compensation rate.

This isn’t a question that most sellers ask when they’re selling a house. The common goal is to sell it quickly for top dollar. However, sometimes life circumstances may change during the term of a listing. Generally, if you decide to terminate the listing agreement for no legitimate reason, you may be liable for the commission. But that is usually not the case. Real estate is a business of good will; therefore, if there is a will, there is a way. We recommend you contact the Illinois Star, Ltd. REALTORS® Designated Managing Broker to discuss the matter.

In most municipalities, replacing a toilet, vanity, or kitchen cabinet does not require a permit. On the other hand, most electrical and plumbing work does. Buyers may or may not request copies of these permits, as this can be a potential title issue. No one can force you to show proof, but you risk losing a possible buyer if you refuse and don’t explain. Most real estate attorneys in the Chicagoland area also ask to see contractors’ licenses and permits for work performed. Most municipalities in Northern Illinois exempt homeowners from the license or permit requirement if they work on their own house. Investment or rental properties are not excluded from this requirement.