Overpricing Your Home in Chicago
Chicago is quickly ascending the ranks of priciest cities to live in and if you ever thought about selling your house in Chicago, now is the best time.
Many people value their homes not only on the expensive dollar investment they took to acquire ownership of the property but also with the memories that have been made inside.
So, it is not uncommon for sellers to use justifications to inflate the price of their beloved property. However, assuming that overpricing your home in Chicago will lead to a higher payout is incorrect, and on many occasions, leads to more disaster.
At Waltex Buys Houses Chicago, we buy houses in Chicago and have been for years. So, let us give you some insider’s advice on overpricing and its dangers.
How Soon Can I Close?
Many sellers put their home on the market well before they want to sell. Think about it, if you are in no rush to sell your home, you can set any price you desire and there could be a chance of someone actually paying above market value. However, regardless if time is not an issue for you, it is your enemy.
As time passes, your home being on the market for a long time is not good news. There is an ideal time frame to sell a home in, which falls within the first months that the home is on the market.
Leave it there longer and the probability of your listing expiring increases tenfold – a serious blow to recover from.
Moreover, if potential buyers see your property on the market for an extended period of time, they will naturally assume that there is something wrong with your home.
Homeowners often believe their home is worth much more than it actually is. This is where the emotional aspect of selling a home collides with the logical.
Having a sentimental feeling for your home is very normal, however, selling a home is strictly business. No matter how much you believe your home is worth, the market decides. If the market states that your house is worth a given amount, your feelings do not matter.
Lenders will continually review the market value of your home and the homes around you. If every other home is selling below your asking price, you are overpriced. Asking for more becomes unrealistic and hinders the success of your sale.
The Financial Situation
The biggest problem with overpricing your home Chicago is trying to get back your investment.
A difficult aspect of having a loan on a property is that the amount you paid or the amount still currently due is greater than the value of the home itself, so you try to increase the price to get the most benefit.
Unfortunately, the market will still determine your fate and only sell for the value of the home and not for what you need it to sell for. Buyers are not concerned with your financial situation and will do everything in their power to get a good deal, even if it means passing up your home for a worse offer.
We Buy Houses Chicago!!
Selling your home can be an emotional roller coaster and a nerve-racking experience – one that most people are not prepared for. If you want to avoid all this hassle, Waltex Buys Houses Chicago is the company to approach. As our name implies, we buy houses in Chicago and can help you avoid all of the above and experience the quickest sale of your property.