If you’re thinking about selling your house in the 60614 zip code (or anywhere in IL, one of the first things you’ll think about is selling price. How much should you sell the house for? But there’s one question you should understand first, and that is: How important is the asking price when selling a house in Chicago IL?
So, you have decided that it is time to sell your house so of course the next question you are asking yourself is what should my asking be? Answering this question correctly is absolutely critical to setting yourself up for a successful house sale in the Chicago area. In today’s post we’ll cover a few reasons why it is so important to have the right asking price for your property.
First, It Attracts Certain Buyers And It Repels Certain Buyers
There are buyers at every price point in the spectrum. A higher price will catch the attention of higher end buyers (while it repels low-end buyers) and a lower price will attract the attention of lower-price buyers (while it repels high-end buyers).
There’s nothing wrong with this – after all, you don’t want to waste your time trying to sell your house to someone who has no intention of buying. So the right asking price can be used to help the right buyers see your house as a desirable purchase.
Second, It Reveals Information To Buyers
First and foremost, the asking price lets a potential buyer know that you are serious about selling your home. If you have taken the time to research property values and their corresponding condition in your area then a real buyer knows that you are someone genuinely interested in selling versus someone just putting it out there to see what they may get. So, if your price the property 20% above what other similar properties in the area most buyers will assume that you aren’t willing to sell your property at a price they are going to be willing to pay.
Third, It Is The Starting Point Of Negotiations
It’s very rare for a house to sell at exactly the asking price. All home sales are negotiations between the sellers and the buyers (and the agents that might represent them). The asking price simply puts a piece of information out there for negotiations to begin from. As a seller, you might put out the price and then work on getting a higher price while your sellers start with that price but work on getting a lower price.
So, just how important is the asking price when selling a house in Chicago IL?
It’s very important to help a house sell. But it’s not the only way to sell! If you’re not sure what your asking price should be, or if you’d like to skip the sales process altogether, you can get a cash offer from us!