Step #4 What is your home worth? | Selling a home in Chicago
I need to be looking at comparable sales in your area. I mean, this could be all the way down to the street if you are living in a sizable, um, condo building, 20, 30, 40, a hundred units typically, even though we've had very limited inventory, you're going to have a couple of comparable sales to look at. So that's really kind of the first gauge, right? To kind of establishing that baseline. Then from there we can make adjustments, right? If you had your floors refinished, if you put in new mechanicals, furnace, ac condenser, if you. Yeah, updated your kitchen kitchen is huge, huge Roi and I'll put it in your kitchen and you've done it and you realize some benefit from it and you've done it three or four years ago, you know, you don't want to do any quick thinking, oh my God, I'm thinking about selling in a year. I'm going to throw $25,000 into a kitchen remodel. Folks, you're not going to recover every single dollar you put in. So if you're a year off, let's, let's have a discussion here. It may make sense. Just update the appliances, refinish the floors and those two things. That's under [inaudible] instead of paying 25 k and then you can still, yeah, get some Roy dollars off of that 10 k versus the 25 k baby-steps. All right. Um, and if you do, if you want to go ahead and do the, the kitchen remodel, hey, have at it then don't put your place in the market and expect you to get the money back. You might as well live in the property. Sometimes the best decision when you're considering selling your home is not selling at all. If you're pr. It's a personal decision that you need to make and needs to be informed. Personal decision with my guidance, hopefully by that decision that you need to make. So comparative sales. What you don't look at is what's happening here, and you may be seeing it on facebook and maybe seeing a definitely on zillow. It's called a zestimate are these online valuation tools and a lot of people in my profession are guilty of having those ads.
You see them probably in your newsfeed as you're scrolling down, hey, click on here to get an instant value. People, these instant values, they're using that mathematical algorithms. They haven't been inside your home. They don't know the condition. They may not even know the market in general, that location, so you can't rely on those. Um, and I had a, actually a really fun example here. This is going to be a graphic coming up. This particular property, um, I just sold a two bedroom, my seller in the Logan Square neighborhood, very ultra hot neighborhood right now. Everyone wants to live there. Um, this is a condo. I'm a brick and timber loft, right? If you notice, and I circled it on the graphic, this is from, from Zillow, you'll notice the zest in it. At three 99. OK. Um, what did this sell for? Um, I'm, I'm happy to, uh, I'm very excited for my seller, by the way. We sold this property, two bedroom, two bath for four, 2199
that says submit. And I will know they, they, they, they have proprietary algorithms that they use, but the unit below sold for about three 99, 400 and basically within a year after this, that was last year, I was able to get my seller another $20,000. But you look at this estimate, if that, if that southern and come to me and decide to work with me, they would rely it on a lower investment. You see what I mean? There's other situations where that's estimate is higher than what the true value. Those are very difficult discussions. I've had those discussions with my, uh, with prospective sellers. I have to be honest with him. I got to tell them, Mr and Mrs. Seller, you're not going to get that price. This is what the market dictates. And if you try to put your place, the last thing anyone wants to see as an overpriced property, you will accrue market time. There'll be a perception in the marketplace that you're not motivated. And B, you're probably working with. The seller isn't probably doing a good job of counseling that the unmotivated seller and therefore your property will sit and also you'll get a lot of low ball offers, so the last thing I want to do is overpriced and you will in some situations it may want to consider even under pricing it high probability with very little inventory right now, high demand, low supply, getting multiple offers, and then getting a price above and beyond what you expected. So I hope you found this video informative video number four. What is your home worth onto yours? Would that properties until next time, make it a great day? Folks.
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Anant Deoras | Broker Associate | 312.884.9793
@properties East Lincoln Park
548 W. Webster Chicago IL 60614