@properties’ co-founder, Thad Wong shared sage real estate advice this weekend about the risk home sellers take when they over-price their properties, especially right now.
“Because it is the end of February. Right now is the absolute peak of Chicago’s 2018 Spring Market. There are more ready, willing and able buyers looking for homes right now until this time next year. It is unlikely that there will be more buyers than today.”
The city market is peaking now and the suburban market lags behind the city by about a month which means that, if you’re hoping to sell this spring, this is the time to price it right.
“The buyer total will begin to shrink as we head towards Summer,” Thad says. “If you wait until April and May to price your listings according to the market, they will sell for less. Why? Because by then, the number of buyers has been cut in half, the pool is smaller. Also, the listings become stale. Interested buyers begin asking, ‘What’s wrong with the house anyway?’ before they even schedule a showing. Things become negative, and negative always sells for less than positive.”
Want to see what the trend looks like in Barrington? See the spikes when most properties go under contract? The number of listings under contract typically peaks in April, before buyer activity starts to slow. (Turn phone to side for full mobile chart view.)
When do we see the most closed sales in Barrington? Take a look at these spikes in June! (Hover over data points to see more details.)…
At @properties, we have the largest market share and more brokers working with Chicagoland’s home buyers than anyone. Thanks to @properties, we also have access to the most powerful property marketing tools available, period. Especially here at 365Barrington.com, where we regularly share featured properties with 22,000 followers at Facebook.com/BarringtonIllinois. That’s called instant exposure!
So if you’re getting ready to list your home for sale, give us a call today at 847-691-3150. We’ll offer the guidance you seek for the quickest sale at the highest price for today’s market. As Thad Wong puts it…
“One thing determines a home’s value. That’s a ready, willing and able buyer who puts their offer in writing. Only the market determines the sales price of every home, not a seller.”
Our team is here to help you reach your real estate goals, even if you’re simply ready to start monitoring the market more closely. Email RealEstate@365Barrington.com , call 847-691-3150 or fill out the form below and we’ll follow up to help you make informed decisions about your real estate interests.
In the meantime, stay tuned for the latest local real estate news and homes for sale in our regular updates right here at 365Barrington.com, published since 2010 by local REALTOR, Liz Luby of The Luby Group with @properties.