Friday, 22 August 2014 21:12

How Springfield Sellers Can Capitalize on Real Estate Trends

Buyers and sellers each have reasons to celebrate now as interest rates remain low and home prices appear to have stabilized. According to data from the Illinois Association of Realtors, home prices in Illinois have experienced 22 consecutive months of gains, but the most recent gains are smaller. Statewide, the median price of a home is $179,900. In Springfield, the median sales price for homes is $115,000, according to data from RealEstate.com. Home sellers in Springfield IL can capitalize on real estate trends by putting their home on the market while homes are selling.

Consider your first offer carefully

In order to sell your home quickly, consider the first offer you get very carefully. Sometimes the first offer will be your best because buyers aren’t sure how prospective buyers will respond to your home. In Springfield, the median number of days a home sits on the market is 62 compared to 53 days in the Chicago area and 44 days in Chicago. Even though the real estate trends indicate pent-up demand for housing, the inventory is also increasing. The longer your home sits on the market, the more likely buyers will expect a deal or concessions.

Stage your home on your own

You can either hire a professional to stage your home if you are short on time or lack creativity or stage it on your own. One simple way to save money is to buy the furniture and accessories you plan to buy for your next home to use as “staging props.” Experts say staged homes sell more quickly and at higher prices. Set up a few scenes in your home to show how the space can be used. For example, set up the dining room table with your best dinnerware and place mats. Have a board game in progress in the Great Room.

Of course, it’s important to have your home clean, tidy and ready to show on a moment’s notice as well as remove anything “too personal” such as family portraits. Don't go too overboard on renovations since a lot of Springfield, IL home buyers go into a purchase with the intent to customize the home with the help of a building contractor.

Most important is to hire a Realtor who is tech-savvy and knows how to market your property in this competitive real estate climate. For more information on how we can help you sell your home at your dream price, contact us.

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