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The real estate issue
A letter from your realtor
Photograph by Martha WilliamsBefore you decide to sell, let’s have a heart-to-heart talk about the realities of today’s market. Believe it or not, things are selling. However, only certain things are selling, and I want to make sure your home is one of the lucky few.
Price Hopefully your home holds great memories for you. However, when it’s for sale, it’s a commodity just like something at the store. Shoppers are picky, and they are going for the product that offers the most bang for the buck. Price is determined by what has sold—not by what your neighbors are asking.
Condition Your home must be eat-off-the-floors clean and free of clutter. It might be time to rent a storage locker. You want people to picture their stuff in your home: That’s hard for them to do with all of your stuff cluttering up their mental picture. If your home turns them off initially, they won’t be back—there is too much competition. I have had beautiful homes sit on the market just because they needed a good cleaning and decluttering, and buyers couldn’t see through the mess.
Patience Selling can take time, even if we do everything right. Unless you have been on a sabbatical to the Galápagos Islands, you know there is some uncertainty in our economy right now. Buyers aren’t jumping in feetfirst: They look, they like, they think, they look again, look some more, contemplate and then maybe make an offer. Finally, when the offer comes in, it’s really low and you, my valued client, are going to freak! Take a deep breath—it’s a negotiation, and we are only at the first step. Remember, soon you get to be a buyer.
Price Did I mention this already? Your home isn’t worth $25,000 more than an identical one that just sold down the block because you have nicer window treatments. It takes energy to keep your house on-the-market clean and it’s inconvenient to leave for showings. If you price your home so that buyers see it as a value (are you noticing a trend here?), then I will get it sold. If you don’t, you’ll frustrate yourself and get mad at me. The market is ultimately going to tell us what your home is worth. It doesn’t have a heart. I have plenty of examples of greedy sellers who priced too high, got insulted by the first offer, and then waited for many, many more months, only to reduce the price below that original offer.
If you’re on board, then let’s sell your home!
Scott Zelkin (pictured) can be reached at 312-520-6409 or szelkin@atproperties.com.
Where to buy in Chicago | Motivated sellers | Buying a foreclosure | What are foreclosures and short sales | I bought a foreclosure | The true costs of house fixes | Renter upgrade | A letter from your realtor | How to make a low offer | Real estate jargon redefined | Negotiate your rent | Photo gallery
Time Out Chicago / Issue 213 : Mar 26–Apr 1, 2009
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I have to disagree with the comment that price is based only on what has sold, and not on what your neighbors are selling for. One of the most important things a seller (and their Realtor) must do when deciding on list price is consider Comps and Competition. Ignoring what your neighbors are listed for - and their market time- could cause you to price yourself right out of the competition. You had better believe that buyers and their Realtors are looking closely at them- why wouldn't you be?
Many Realtors would say it better, Kim. For starters, they wouldn't refer to any client as a "greedy seller." It's a market, after all. Opinions differ, and it's more often the Realtor's fault when a listing is overpriced than the seller's. Most highly professional Realtors refuse to accept a listing that's overpriced. Greedy Realtors, however, do don't hesitate to do so.
scott, i love it! i could not have said it better myself! the only thing that i wanted to add is that i don't even think "comparable" sales matter to buyers anymore. buyers are not looking at comps. (or at least they are not necessarily basing their offer entirely on comps.) they are only thinking about what they feel comfortable in spending. the question is whether or not that number works for the seller, too.