Dympna Fay-Hart
Serving Chicago Area Sellers & Buyers

(773) 230-3800

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Home Selling Advice

Should You Remodel Before Selling?

There is a lot to do when getting your home ready to sell.  Other than the usual cleaning, de-cluttering, and de-personalizing, remodeling may be the way to go, depending on the local real estate market, the condition of your home, and its location.

You may be hesitant to upgrade when it's time to sell because of the fact that most remodeling efforts only increase the value of the home by approximately 60-80% of the actual cost of the project.  See Remodeling Magazine's 2016 Cost vs Value Report.  However, for many sellers the cost of inaction can be far greater than the small loss incurred on a home-improvement project. It can mean the difference between getting multiple bids and driving up the selling price, or getting no offers at all.  Getting no offers can mean your home stays on the market longer than the average market time, buyers start to look at your home as if there is something 'wrong' with it, and you end up selling for much less.  You also have ongoing expenses to pay for your mortgage, taxes, and maintenance costs that add up over time.

To make the most of your remodeling budget, you should focus on features that at least 80% of today's home buyers really want.  Here is summary list:

Planning to Sell Your Home Soon? Do This First

Put on your 'buyer hat' and walk through each room of your house with a notebook and a critical eye.  Make a list of all the items that need to be repaired or replaced, and also include things you can do to make your home more appealing.

Evaluate every area of your home, inside and out.  Be honest with yourself.  If you were looking to buy in your neighborhood, what would you think about your house?

For example, start in the entryway and ask yourself these questions:

Pricing Your Chicagoland Home to Sell

The right pricing strategy is the most important factor leading to a successful sale of your home.

Agents must always have their appraisal goggles on when determining a listing price for each house. We’re often challenged by sellers that may have their own idea of what their homes are worth, but we must be realistic.  Our job is to get the seller the best possible price for their home, and at the same time avoid any appraisal issues that may cause the transaction to fall apart.

Although problems with appraisals are not as common as they were several years ago, it is important to price your home right to avoid issues with getting the selling price and the appraised value to match.  The agent representing the seller can work with appraisers and provide them with information on comparable properties.  It is also important to keep an open dialog with the seller so that their expectations regarding pricing are reasonable. 

How does a professional real estate agent determine the right listing price . . . a price that will encourage buyers to make offers . . . a price that will not trigger appraisal issues once a deal is made?  Read more about how a professional real estate agent prices your property.

Please don't hesitate to Contact Me with your questions or to make an appointment for a FREE Home Evaluation.