Housing Bulletin — Sales Tips for a Slow Market

The primary home-selling season is in full swing, and the hot topic is “right-pricing”—as in, is your home priced right to sell? That has become a crucial question in this softening home market, where sellers must tune their expectations properly. They can’t ask for the moon, as they might have a few years ago, but they don’t want to lowball their homes either. With that in mind, here are some tips from Chicago-area real-estate agents on how to know if your home is right-priced:

• “When a listing is put for sale, if excitement is not generated—if there’s a lull in showings or if there aren’t repeat showings—most likely the price is the culprit. As a seller, you will recognize that the price is right when you start to receive second showings, or when real-estate agents are interested in showing the property” to their buying clients. –Linda Feinstein, the broker-owner of ERA Jensen & Feinstein Realtors, Hinsdale

• “Your best shot at getting the price you want is in your first ten days on the market. After that people lose interest; they love new [listings]. So if you’re priced right, you will sell it quickly, even in this market. If after a month you’re not getting a lot of showings or any second showings, it’s time to start thinking about lowering your price.” –Robyn Brooks of Prudential Preferred Properties on Michigan Avenue, Chicago

• “Three or four showings a week is healthy. If you aren’t getting that many, then you’re in trouble.” —Anthony Rouches of @Properties on Fulton Street, Chicago

• “Look at everything else that’s on the market in your price range and be honest with yourself about what they have and don’t have compared to yours. The price might be substantially less than you expected a year to 18 months ago, when people had a much higher level of confidence and almost cockiness about what their properties were worth.” –Jeff Matheson of Baird & Warner, Gurnee

• “If ten others have sold in your price range in the past thirty days and yours hasn’t, then the market thinks you’re over-priced.”—Jack Ehlert of John Green, Realtor, Naperville

Comments

[chicago real estate bubble]

It's about time some people start admitting that price is the issue. If you're not getting looks, lower your price! Don't lower it from $300,000 to $299,900 either. That's an insult to the buyers on the market. Start at a 2-3% cut and keep going until you start getting some looks.