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If Overpriced Chicago Homes
Aren't Selling - Now What?
How Chicagoland Homes Are Being Sold By Being Taken Off the Market
Chloe Gehfeld sighed, "When it comes to Chicago homes it seems everyone wants a bargain! Whatever happened to the days of multiple offers? Or selling Chicagoland homes for more than listing price? Huh?"|
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Chloe and husband Benjamin have discovered the hard way that the real estate market has turned. Last year, good deals on houses were few and far between. This year is another story. And any Chicago homes not priced with that reality in mind are finding few takers. Truth is, if you've got a great house and it's not selling it's probably overpriced. If your realtor tried to tell you this but you didn't listen, shame on you. But you aren't alone. As the number of homes for sale in Chicago has inched up, sellers have been slow to take notice. But they do catch on when their property still has a for sale sign planted in the front yards months later. |
That's because what a property is worth is determined by the buyer, not the seller. This is especially true in a buyers market. Besides buyers have more tools than ever to gather market information to find out what houses like yours are selling for.
For now the Gehfeld's only alternative is to lower the price.
Did You Know? Texas A & M University Real Estate Center reported that a house is 10-times more likely to sell with an asking price that's 5 percent above the market than one that's overpriced by 15 percent.
Typically your agent will dig out the price reduced banner to tack onto your For Sale sign. Savvy buyers can sense blood in the water however and still may not bite on the new price. Perhaps offering something lower.
Here's an alternative approach to try.
Take the house off the market. That's right, get it out of the MLS, yank up the for sale sign and wait three months before trying again.
Result? Your home is a new listing again! That alone will attract attention.
Now don't blow it again when it comes to pricing.
Look at the comps. Check local Chicago homes for sale to see what's selling and what's not and for how much.
After this bit of sleuthing take the price your realtor suggests and lower it an additional 5%. Stick with me here. This tactic has been known to attract enough attention from multiple buyers who in turn will bid the price back up to what your realtor suggested.
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