Thinking of Selling? Now Is the Time to Act
If you have been thinking about selling your home this year, now may be the time to do it. The inventory of homes for sale in Chicago is well below historic norms and buyer demand is skyrocketing. We all know the concept of supply and demand; the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market in Chicago.
Andrew Latham at SuperMoney.com, recently published and article titled 4 Critical Factors that Determine the Value of Property. According the article, one of the most important factors is location:
“One thing becomes immediately clear when you study property prices: value varies widely by location, and the distance between a great location and a mediocre — or even bad — one can be surprisingly small.”
Latham goes on to say:
“In Chicago, moving just two to three blocks within the same neighborhood can make a huge difference in price per square foot.”
In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction including the inspection, appraisal and financing contingencies. The first step towards selling your home is to price it correctly.
As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.