If you have been keeping up with recent market trends, you might know that now is a great time for homeowners to consider selling. Homes are continuing to hold their value
and sell in record numbers all across the country. The same is true for homes in Mount Prospect, IL. But before you think of listing your home for sale, there are a few things you should consider. Finding an agent, staging your home, completing upgrades and repairs, listing your home, and understanding the closing process are all things you will need to be prepared for before you begin. If you are considering selling a home in Mount Prospect, here are several insider tips you will want to know before taking the plunge.
Preparing your home
Deciding when and if to sell is just the beginning. Once you are ready, it's time to prepare your home for the next step.
When is the right time to sell
Despite current conditions favoring sellers, there is always plenty of competition on the market. Fewer homes were sold in Illinois in 2022
compared to the previous year, but prices actually increased. This is excellent news for homeowners who are considering selling in 2023. If you have been waiting to get a good return on your investment, 2023 could be your year.
Finding the right real estate agent
Hiring the right agent is the single most crucial decision you can make when it comes to selling your home. When it comes to choosing a broker, you will want to make sure to find someone with local experience
. Finding someone with a track record of selling homes in your area would be ideal. Local knowledge, market experience, and good communication are all hallmarks of a great real estate agent.
How to determine the right sale price
There are a few steps you will need to take before coming up with your asking price. Researching recent home sales in your area is a great place to start. If you are working with an agent, they can help you do the research and understand the variables of your local market. You will want to know things such as the average time to close, the average listing price for comparable homes, and recent listings within the last three months.
Upgrades to your interior and exterior
When it comes to improving the value of your home, some simple tricks can drastically improve the look of your home and make a great first impression on buyers. Simple upgrades like interior paint, professional floor cleaning, and hiring a landscaper can make all the difference when showing your home. Investing in the right place can boost the impression your home makes in person and in photographs online.
Staging your home and taking photos
Staging your home is all about creating that showroom experience to wow potential buyers and make them fall in love with your house at first sight. Our team at GetBurbed offers staging services at no cost to sellers. We take advantage of negative space by clearing out closets, emptying shelves and walls, and keeping storage areas tidy. It is best to show off enough empty storage space to your buyers to allow them to imagine how they might fill it. Professional photography is a great idea as well. A professional will understand how to use lighting and composition to show off the best features of your home in pictures.
Selling your home
Now that your home is ready to show, it’s time to find some potential buyers. Getting your home seen by the right buyers will make a big difference when it comes to how long it will stay on the market.
Listing your home for sale
When you are ready to list your home for sale, you will want to work with your realty agent, who can list your home for you. You will want to ensure you have all of your final photographs ready to show, and you should be prepared to sign a listing agreement.
Open houses & virtual tours
Open houses are becoming less popular compared to other virtual methods of showing your home online. Creating a virtual tour is the most common approach, offering benefits such as privacy, security, and greater convenience for all parties involved. Live tours can be conducted through a virtual open house, which features a live video tour and real-time Q&A session. If you don’t want to invest in learning the technology, don’t worry. Most real estate agents have apps that can assist in setting up virtual tours for you.
You will likely need to go through the appraisal process if your buyer is applying for a mortgage. During the appraisal, the appraiser and real estate agent will tour your home and verify that your house is ready to be moved into. The cost for an appraisal costs between $300 and $600 and is usually paid for by the seller.
Sometimes funds are held in escrow during the completion of a home sale. The escrow process begins after the seller has accepted an offer of purchase. Deposits and other payments can be held in the escrow account while the buyer completes the closing process.
Closing and other costs
Depending on your state, buyers and sellers may be liable for closing costs when selling a home. In Illinois, the average closing costs of a home sale can vary between 2-5% of the total sale price. Usually, the buyer pays the majority of the closing cost. Closing costs are assessed by the lender and can include fees for a variety of services, including legal fees, application fees, credit check fees, title fees, and insurance fees.
Frequently asked questions about selling your home
How long does it take to sell a home in Mount Prospect?
Homes sit on the market for an average of 37 days in Mount Prospect, IL.
Can I sell my Mount Prospect home without a Realtor?
It is not recommended. Over 97% of all home sales in the United States are transacted through a Realtor ®.
How can I sell my Mount Prospect house faster?
If you have questions about selling a home in Mount Prospect, a real estate agent with local experience will be the best resource. If you have further questions about selling your home, please contact GetBurbed
at [email protected]