Loft Sellers Reality Check

Selling your Chicago loft or condo in any market takes a lot of work. Today’s market presents challenges not seen in decades. Yes, you will likely take less for your place than what you expected just a year or two ago. No, if you wait until next year the price will not be more. Given the current elixir of job confidence- or lack thereof, existing inventory, number of sellers who have wanted to sell in the past 2 years but are waiting for a “better” market, and sheer number of distressed properties, it’s likely going to be some time before we see consistent appreciation. It’s been said in real estate that you make money buying, not selling. It’s true. When you’re ready to sell and/or need to sell, the market is what it is. One property or seller can not change the momentum of the market. So… what can you do to influence your sales price to the best of your ability?

1.)     You MUST be priced competitively. Keep an eye out for a blog I’m putting out next on overpricing – it says it all. Price is always the first criteria every buyer starts with. If you miss the boat here, you’re swimming.

2.)     Your loft MUST show like model. You get one shot once buyers cross the threshold into your home. It’s imperative you do everything in your power to make it count.

Other items that should be discussed with your Realtor…

• Expect to spend money before you go to market. $300 in handyman work + $700 in paint can significantly reduce market time and often yield that much and more in sales price.
• Look for the 3-4 most directly competing properties on the market. Then go over every aspect of each. Next, identify strategies on how to position your property against the others. This IS your buyer’s experience.
• Go through comparable listings that have CLOSED in detail. What’s on the market is your competition but when it comes time to negotiate an offer or to meet an appraiser, this is what they will zero in on.
• Home Staging: do you need a home makeover?
• De-clutter everywhere. Think open, light, and airy. Getting the “extra’s” out is half the battle in showing preparedness.
• Curb appeal rocks. I’m talking to you condo owners. Get on it! If your common area looks less than desirable- then so does your entire home.

Best of luck and of course contact me anytime I can help!