Even nasty weather and the Flu virus can't stop today's industrious homebuyers as they vye with each other for a chance to purchase a choice single family home, condo or townhouse from the shrinking inventory of properties featured for sale in their local MLS Multiple Listing Service.
We've all heard sales prices in Illinois increased 4.3 percent year to date. What's not common knowledge is that one of the many reasons for increasing price values stems from mutliple offers on a single property. As a Realtor, one trick of the trade I suggest to my home sellers is to price their property just below market value rather than vice versa.
Think that's crazy? Consider this fact: Lower listing prices on quality maintained, updated homes in areas with high schools in the top 10 to 15 percent attract a frenzy of buyers. More bidders push the price up. When buyers provide their "highest and best" offers, gambling that their offer will be chosen, the seller can wind up with a final sales price several thousand dollars steeper than anticipated.
Psychologically, too, it's a "high" for the seller to see her sales price increase rather than to keep having to negotiate down, down, down. It's not fun to get lots of showings but receive only one offer to purchase because buyers continuously comment the property is "overpriced."
If you're looking to sell your home, do it now! You'll have a lot less competition than when a slew of properties pop up in the spring. And you'll have an opportunity to be one of the fortunate ones who sell higher than expected through the multiple offer track! Good luck, and call me if you need some free advice! Jennie Spallone, Broker, Coldwell Banker, 847-465-3686