After the huge demand for housing witnessed in 2020 and 2021, things are calming down somewhat this year. House sales in 2021 were at their highest since 2006 before the housing bubble burst and the country went into recession. 2022 started brightly but house sales have been falling ever since.
There are still strong housing markets in some states with California and Texas both being strong sectors, while Kentucky has seen little demand from buyers this year. Illinois is ranked 13 out of all 50 states for best-performing housing markets, and at the time of writing the best time for buyers had arrived.
Typically, sellers start to drop house prices around August as the fall starts to approach. The median house price in one area of Illinois; Bolingbrook, was $309,000, This is significantly higher than the statewide median of $269,575 which is good news for homeowners in this particular area.
Dropping the price is one way to encourage buyers, but if you live in Illinois or any other state can you attract bids without lowering your listing price?
Don’t realtors encourage buyers for you?
A realtor will of course work hard to find buyers for your property. It is after all in their interest to do so. A broker that has a property listed for months will put off other homeowners from using their services. The realtor will also want to claim commission from closing a deal.
But, brokers can have many properties on their books, and your agent’s time may be stretched thin. This can mean you not getting the attention you would like, and your home sitting on the market for a long time. For this reason, many people are turning to other selling options.
What are your other selling options?
For sale by owner is one option for those wishing to sidestep the use of realtors, and take control of their house sale. In 2020, FSBO accounted for around 8% of all home sales. However, it has been reported that FSBO homes sell for 26% less on average compared to realtor sales.
Property auctions are another way for homeowners to manage their own sales but just like FSBO, you are almost completely on your own with every aspect of the sales process.
Selling to a home investor is ever more popular today. Home investors such as I Buy IL – Bolingbrook accounted for 20% of all existing house sales in the first quarter of 2022. Any motivated seller can search for a cash home buyer in their neighborhood and sell without using a realtor.
What are the 3 essential things you can do to encourage buyers?
Even if you do decide to go with a realtor, there are some things that you can also do to help your home sell quicker, and for a higher price. Below are three essential things to help encourage your home sale.
1 Let professionals stage your home
Many homeowners invest in some areas of remodeling, and obvious repairs should always be done, but you may not need to invest heavily in your home to sell it.
Touching up some areas, and adding fresh paint can brighten up rooms. You can change your decor to rejuvenate your home too. But, one recommendation from agents now is to use a staging company to present your home.
In November 2021, the average home sat on the market for 22 days. However, house sales have fallen every month in 2022 as the market slows down. Staging can help to speed up a sale and is recommended by 47% of agents.
According to Home Advisor, staging can cost between $749 and $2,820 depending on your region and your requirements. But, 95% of staged homes will sell in around 11 days. Based on previous sales this is 87% quicker than homes that aren’t staged, and they sell for up to 17% more too.
2 Market your home with professional photography
This is an essential area for selling a home but is more important for those using channels other than a realtor. Nevertheless, even if you are using a realtor you can still be involved in this process.
Many realtors will hire a professional photographer, but unfortunately, many others won’t. You have limited time to get a potential buyer’s attention online and shoddy, murky photos will not achieve this.
Today, video, virtual tours, 360-degree photography, and more are used to show off a home online. It is not just worth the outlay to hire a professional real estate photographer, it is essential if you want to encourage buyers to make offers.
The average cost for a photographer is $120 nationwide, but you may have to add extra costs for video or drone work. This might work out to be the best investment you make when selling your home though.
3 Create the illusion of space
If you cannot afford to stage the home, or you aren’t convinced of the benefits, you should still declutter and remove some of your belongings throughout the house.
Decluttering will not only make your house move easier but it will also encourage potential buyers to make an offer.
Removing furniture and belongings helps to create space, but it also lets the buyer see how they could decorate and add their own personal touches. Although your rooms won’t physically get bigger, they will appear so, especially with the right lighting.
On average, a decluttered home sells for $2,500 more than one that is cramped and untidy.
Your aim is to make your home look spacious with plenty of room and storage space. Your home will also look good in marketing material and online.
These three tasks are essential if you want to encourage buyers. You may have a lovely warm home, but all the clutter and things that make it yours won’t necessarily help you sell it. Decluttering and staging can help present the home effectively not only online but in person too.
Professional photography is also a must. You need your home to stand out against your competition, especially at a time when house sales are slowing in Illinois and many other states across the US.
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