Dropping the listing price

According to Redfin, 30.9 percent of homes in the Chicago housing market recently dropped their listing price, compared to only 16.9 percent in Miami. Although there may be a surge in home sales, it’s important to list your home at a competitive price so it doesn’t turn off potential buyers. Over-pricing your home can turn off would-be buyers who are looking for a deal. Many first time home buyers have a strict budget without any extra available cash to “bid up” a property for sale. One strategy is to list a home competitively, but high enough that you can afford to drop the listing price once. Dropping it more than once may be a red flag for some buyers.

Making inexpensive repairs

Because home buyers are value focused, it’s not a good time to make expensive improvements to homes such as complete home remodels or extensive kitchen remodels. Instead, focus on the most important areas of the home that matter to home buyers such as the kitchen, bathrooms and closets. Create extra storage space with shelving. Replace outdated appliances with stainless steel ones that buyers want, but avoid pricey granite countertops or travertine floors. Inexpensive improvements may include a new kitchen backsplash, new door knobs and ceiling fans.

Another option is to give the value conscious buyer more choices. Offer a new carpet allowance or money set aside for various improvements such as a new roof. An experienced Realtor with Jim Fulgenzi & Co. can help you write up the best contract to appeal to today’s homebuyers in Rochester, Chatham, Springfield and Central Illinois. For more information on how we can help, please contact us.