Friday, 05 September 2014 17:26

Illinois Real Estate Still Undervalued, But Values on Upward Trend

Whether you own a home in Chatham, Rochester or Springfield IL, you may be wondering whether now’s a good time to sell. Since the housing boom a few years ago, real estate experts have been keeping a close eye on home prices. According to a recent article by Trulia about the “Bubble Watch,” when home prices become overvalued compared to their fundamentals, it’s time to worry about a future housing bubble. However, the article named the Chicago, IL area as one of the top 10 undervalued real estate markets in the country. Relative to the fundamentals, homes in the Chicago area are undervalued by 16 percent even though the asking prices were up by about 14 percent this year. That’s the Midwest housing market is providing good news for both buyers and sellers in the Chatham, Rochester and Springfield, IL area. As a home seller, it’s important to find an experienced Realtor who knows how to market your property and negotiate when real estate is undervalued.

Participate in a special sales program

One option for the motivated home seller is to take part in the guaranteed sales program. A guaranteed sales assistance program is ideal for a homeowner who is trying to buy a new construction home or trying to buy another real estate property. A special program may allow your mortgage loan interest rate to be locked in. Homes that often qualify for such a program include single-family houses in good condition that are financeable with a listing that is new to the market.

Price your home competitively

With home values rising and tight real estate inventory, it’s likely you’ll get a lot of showings on your property if it’s priced right. An experienced Illinois Realtor can help you figure out the fair market value of your property today. The value of your home may have gone up significantly since you last checked. Any recent renovations and updates you have made to your property will affect how much buyers are willing to pay. Some improvements also affect the appraisal of the home.

Springfield real estate is dynamic, with housing conditions constantly changing. At Jim Fulgenzi & Co., we help home sellers make an offer on their next dream home without having to worry about the sale of their current home. The Jim Fulgenzi & Co. Guaranteed Sale program can provide you with the leverage you need in an undervalued market. For more information, please contact us.

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