It’s one of the hardest questions homeowners will ask themselves before putting their property up for sale: “What is the best price to list our home?” Of course, “best” can mean something different to the home seller than a professional real estate agent. In Chicago and surrounding suburbs, overpricing real estate rarely works. First-time home sellers often make a critical error by leading with their emotions instead of making a solid business choice.
Top Hinsdale real estate agent Megan McCleary says the key to a successful sale is simple, “You only get one chance to make a first impression. Make it a good one.” Megan cautions overpricing a home means it will take longer to sell. Over time, buyers will take note of its time on the market, and wait for prices to drop even more. Eventually, price cuts will be more significant than a lower initial asking price.
Given the digital nature of how people search for homes (usually in a specific low-to-high price range) overpricing may leave you out of search results entirely. Buyers are more likely to be attracted to your home if they see that it is priced well. This strategy will also appeal to more serious buyers who tend to negotiate less.
Of course in real estate, pricing is just the first step towards a quick closing. Megan also offers these tips when staging your home to sell:
- Repair or Replace All Broken Items
- De-Clutter but Fill Voids
- Fresh Paint and Clean Spaces
- Add Seasonal Flowers
Megan and the entire McCleary Group are continuously evaluating Chicago’s west suburban real estate market in order to provide clients with the best pricing strategies for their area. If you have questions about selling your home and would like to contact McCleary Group, click here. For more on Megan’s professional real estate staging tips, check out this post: “10 Tips for a Quick Sale”.