Why Sell Your Chicago Condo
Average home prices in Chicago are on the upswing making it a great time to consider selling a Chicago condo. Whether you’re looking to take advantage of one of the many new condo developments in the city or you are hoping to expand into a home in one of the outlying neighborhoods, the Chicago real estate market is poised for condo sellers to find success with marketing and selling their condo.
Whether you’re a seasoned real estate mogul or a relative newcomer to the Chicago real estate scene, here’s an easy and helpful guide to selling your Chicago condo:
Find a REALTOR® You Can Trust
What’s the difference between a REALTOR® and other real estate professionals? Some of the key factors come down to exclusivity, trustworthiness, and training. REALTORS® are certified by a national governing body, which means they are held to higher standards of excellence. Additionally, a REALTOR® works with the client in mind, rather than trying to meet specific sales goals or quotas so you can rest easy knowing your realtor is always advocating for you. REALTORS® also have access to exclusive listings and are able to work with serious buyers who are pre-approved and ready to purchase.
Additionally, your trusted REALTOR® will have extensive training and experience that will prove valuable when it comes time for staging your condo, taking real estate photos, and marketing the condo effectively so the right people are seeing it.
Set Your Price
Setting a price might be the easiest or the most challenging part of this ordeal. It’s important that you research the current condo prices in your building or area and think about where your unit might fall on that scale. Did you opt for significant upgrades to your condo? Are you hoping to feature those custom cabinets or energy-efficient appliances? All of these minute details make a difference when it comes to pricing your condo.
Your trusted REALTOR® will also be able to provide some insight on how to set the price. If you are looking for a quick sell, pricing low would be your key strategy, and if you price high, you can at least expect some negotiation from prospective buyers. However, you don’t want to set the price too high, as it might scare off buyers who are more budget-minded.
Prepare Your Condo For Sale
Selling a condo is similar to selling a single-family home in many ways. However, it’s also a little different in other ways. For example, if you intend to sell your condo, one of the first things you should do is let the condo association know. That way, they will be prepared for showings and visits as well as becoming familiar with your real estate agent.
Next, you should work on increasing the curb appeal of your unit. If you are selling a fairly modern condo, this could mean doing things as simple as hiring a professional cleaner to tidy up, ensuring the patio is clean and presentable, and making sure all the fixtures and lights are working properly. Additionally, make sure the building looks good. This could mean getting the condo association involved and asking for some landscaping or building maintenance to be performed.
Once the bones of the unit are ready, it’s time to think about everything else. Most buyers don’t care to see mementos and personal items in a home; it distracts them from imagining the condo as their own home. So we recommend removing personal items and unnecessary clutter. Staging the home could involve hiring a professional stager or simple DIYing it. If you choose to do-it-yourself, just follow these guidelines:
- Keep the color palette neutral
- Remove bulky furniture that only takes up space
- Keep art tasteful and minimal
- If you are selling during the holidays, keep holiday décor to a minimum as well
Market and Show Your Chicago Condo
Selling a Chicago condo comes down to one huge factor: marketing. Chances are, your REALTOR® is an absolute pro at marketing your condo. They will take professional photos and post them on various listing websites. Today, most home browsing happens online, so you may opt to only show the condo online. Virtual tours are also popular and help get the word out. Your REALTOR® should also be active on social media, advertising showing times and posting pictures of your condo for all their followers to see.
Ensure the photos are bright, the videos are professional, and you will certainly find success online. However, you should also consider putting up signs to draw in foot traffic. You would be surprised how many people inquire about seeing a condo for sale after walking by the building!
When it comes time to show the condo, your REALTOR® may ask that you not be present. Don’t take offense; it’s sometimes just easier if buyers can view the home objectively. On the day of the showing, make sure the condo is clean and fresh. Open a window to air it out or bake some cookies to create a warm and welcoming ambiance. Essentially, you want prospective buyers to want to stay in the condo for as long as possible. The longer they stick around, the more likely they’ll put in an offer!
If a buyer is interested, they will go through their agent and put in an offer. Your agent will then relay the info to you and provide advice on whether or not this is a viable option. You have the opportunity to either accept the offer if you think it’s fair or counter-offer with someone more to your liking. Negotiation doesn’t only apply to the buying price of the condo either. Buyers might want to negotiate contract terms, timeline, and more. You may even find yourself throwing in some extras to sweeten the deal or turn the negotiation to your favor. Once you have agreed on a price, closing date, and small details, the real estate agents will draw up the agreement.
The Final Step: Closing the Deal
In many condo sales, you may agree to a 30, 60, or 90 day closing. This essentially represents how long until the buyer gets the keys and you have to vacate the condo. At this point, your expert REALTOR® will have drawn up all the appropriate paperwork and made sure the entire deal is comprehensive and 100% legal.
For more information on the entire process of selling your Chicago condo, contact the friendly experts at Magellan Realty at (312) 493-8200 today.