| Of all the decisions required when selling your home, | | | | art than science in what experienced real estate |
| the most important these days could well be | | | | agents agree is a rapidly changing market in Northern |
| choosing the initial listing price. | | | | Illinois real estate. |
| "Our agents are largely unanimous in saying that the | | | | "When you do a market evaluation prior to |
| biggest challenge sellers face in the current Illinois | | | | determining a list price for a home, the information |
| housing market is avoiding the temptation to | | | | you use must be current," insists Marc Perlove of RE |
| overprice their property when it is first listed," | | | | MAX Villager in Glenview, Ill. "Any sale more than six |
| reports Jim Merrion, regional director of RE/MAX | | | | months old shouldn't be used because the market for |
| Northern Illinois. | | | | Chicago-area homes has changed substantially since |
| Overpricing a home is a big risk these days, contends | | | | then. I recommend basing a competitive market |
| Julie Wenzel of RE/MAX Town Lake and Country in | | | | analysis on sales that closed in the prior three |
| Freeport, Ill. The reason for the risk, she says, "is | | | | months, and even then you have to be aware of the |
| that each property has a short window of time | | | | trend shown in the most recent sales. Are prices for |
| when it is going to attract the maximum amount of | | | | that type of property in that area holding steady, |
| attention. Once a property has been on the market | | | | rising or falling? Whatever the trend, you have to |
| more than 60 days that window closes and it is more | | | | take it into account." |
| difficult to get it sold right now though that may | | | | Overpricing a Chicago home may be more of a risk |
| change somewhat as the spring home buying season | | | | today than in years past, but it certainly is not an |
| gets into full swing in Illinois." | | | | unusual impulse. |
| According to Sherry Justice of RE/MAX '10' in Home | | | | "Every seller wants to get a bit more than their |
| Glen, Ill., homes that sit on the market for months | | | | Realtor tells them the property might bring," |
| can become difficult to sell even if the listing price is | | | | acknowledges Jan McNulty of RE/MAX Suburban, Mt. |
| adjusted to a realistic level because buyers will shy | | | | Prospect, Ill. "It's just human nature, and it might not |
| away from homes that have been on the market for | | | | make a big difference if that 'bit more' is within 2 or |
| an extended period. | | | | 3 percent of the list price suggested by the agent. |
| "Buyers today are better informed than ever | | | | It's when sellers try for 5 percent more that they |
| before," Justice says. "They are getting daily updates | | | | run into real trouble in this market." |
| on the Chicago-area housing market prices through | | | | Avoiding these mistakes can be the main factor in |
| Internet research or directly from their agent, and | | | | how well a home is received on the real estate |
| with so much inventory to choose from, they will | | | | market in Illinois. With warm weather approaching, |
| quickly see how well one house stacks up against | | | | and more and more buyers out to shop, now may |
| properties with a similar list price." | | | | be the necessary time to get an educated opinion on |
| Therefore, deciding on the right price can be more | | | | how to initially price your home in Illinois. |