This week I spent a couple of days with my clients Jennifer Bero and John Solano, looking for their new home in Addison. I actually grew up in Addison, so going back to my old stomping grounds is ALWAYS fun for me!
I do have to say though, that I was so surprised by the range in what your money can buy these days. Not just in Addison, but all over the map here in Chicago and the suburbs!
When I'm working with buyers, it's my job to point out the value in each house, ( and in some cases, the lack thereof)! I need to find them the nicest house at the best price. I need to help them make their very emotional decision a very financially savvy one too. I will always provide my buyers with closed comps from the area so that they are armed with acurate information before they make their offer.
On the other hand, as a listing agent it's my job to help you make the most informed decision on your asking price, so that your property sells in an appropriate amount of time at the best possible price.
As hard as I try, it's hard to get homeowners to put themselves in the position of the buyer. The buyer will have a difficult time justifying an inflated list price because of all of your great memories there... or because you need to net a specific amount of money to close the sale. I often hear seller's say, "Well, I'm not just going to give my house away! If someone won't pay my asking price, I just won't sell!" and to that I say, "AMEN!" because the truth is... they won't.
As a seller, you may have to remove yourself from the transaction a bit, and focus on the reality of the numbers in this very touchy market. Your home may not be worth as much today as it might have been able to list for last year. That is the reality of this market, and although the market is leveling out... it is still transitioning.
Not only will you have a hard time finding a buyer... you'll also have trouble getting the house to appraise out for the buyers mortgage! Lenders will not lend money on an investment that will not be equal in collateral to the money that they are lending out. Wouldn't you hate to find this out a week before you are scheduled to close on the transaction?!
Today I saw several over-priced run down homes that were competing with much nicer, appropriately priced homes. Guess which ones my buyers were interested in?
If your house just isn't selling, despite the advice of your agent to lower the price, don't blame your agent when it doesn't sell! You'll only have yourself to blame or better yet, blame me!
I'll never let the buyer that I represent pay more for a property than what the market will allow. It doesn't make sense for the buyers I represent, or for you as a seller who will waste precious weeks if not months looking for a buyer.
Okay, let me re-phrase that... it's not my decision on which property they chose to buy; but as the professional they chose to represent them, I will provide the with the best and most accurate information to ensure they make the best possible choice based on the closed comps in the area.
Trust the professional you chose to hire! We represent the party who hires us to perform a service to the best of our ability. When in doubt, get a second... or third opinion. If you don't think you'll be able to get what you were hoping for, perhaps it just isn't the time to sell. The market fluctuates year to year and season to season. Holding out might really mean holding on.
If you have any questions about what the real estate market is doing in your area, give me a call. I'd be more than happy to give you a complimentary market analysis anywhere in the Chicagoland area, or assist you in purchasing you next new home!
Julie Ferenzi | Realtor®
Chicago Suburban Real Estate
Century 21 Hometown
7821 W. Belmont Ave.
Elmwood Park, IL
630-673-6233
