Living in Lincoln Park Blog

Many who have put their Chicago home up for sale in the past year are still waiting to put that “Sold” sign in the yard.  If this is you, don’t panic! There’s still hope for closing the sale this year.

 According to the National Association of REALTORS®, home sales have risen five months in a row. Great news for everyone currently in the real estate market. Why are they rising? A few reasons:

• Mortgage interest rates are very low.
• Home prices are stabilizing to become more affordable.
• Buyers have a large selection to choose from, which encourages buyers that might otherwise have held out.
• First time buyers should be rushing to buy before the $8,000 tax credit ends, which means closing the deal before November of this year.

 Here are a few tips to help you get your Chicago home sold before the year is up:

• Pricing- The key for most home buyers seems to be the price. In fact, lower priced homes are selling the fastest. Go over your pricing with your real estate agent. Discuss whether you can afford to drop your home price, and if so, by how much.
• Valuation – A major reason for some of the sales falling through is because appraisals were performed by home appraisers outside of the area. Unfortunately, many of them appraised homes lower than the price the buyers and sellers had negotiated. Because of this, Freddie Mac and Fannie Mae push for appraisals to be done by home appraisers in the local area and appraisers who are more experienced with the local area’s housing trends and market. So, when it’s time to have your house evaluated, choose someone in your area, and ask that the buyer does the same.
• Competition – Because there is so much competition, it’s always a good idea to take one last look at your Chicago home. Take your real estate agent with you and go over the home with a fine-toothed comb. What can you do to up the value? What can you do to make it more appealing?

 Lastly, don’t give up hope! You have a great house to sell and buyers are looking. Do your best, listen to your agent and stay relaxed.