In a time of uncertainty where property values have been falling for a number of years now, we all look to data to see how our market is fairing. You can read my market reports, they are always being updated and more Northern Illinois real estate areas are added every month. You can also ask me any specific questions you might have, I am happy to answer, unless it needs a crystal ball, they don't give those out in licensing classes or continuing education.
One piece of data everyone wants to know is the value of their home. Owners want to know, sellers need to know and buyers should know. Sellers must price right to sell and buyers want to pay market value and no more. To find this data out, Illinois Realtors can provide a CMA-comparative market analysis.
A recent buyer could not find anything they liked in their preferred price range. So up goes the budget and bingo we find the right house. This Northern Illinois property had been sitting on the market for a while, with a few price cuts but no sale. Buyers decide it's the one, so we start a CMA on the property and low and behold, it's still drastically over-priced. Nevertheless an offer is presented, it may seem like a low ball offer to the sellers based on the asking price, but it isn't based on the market value range we came up with. Of course I never blindly throw out a low ball offer, I present my data with the offer for all to review. Deal agreed and this Northern Illinois property is under contract, closes just over a month later. The appraised value comes in on target, not way up there at the original asking price; so the finance approval sailed through that litmus test too.
Now it's time, the buyers have moved in and want to sell their property. CMA prepared, a market range determined based on comparable sales, it's never an exact number as most properties are different in some way but a range gives us an idea on where to set the asking price. Bam, the buyers, now sellers are ignoring everything they just taught the sellers of their new house. They want to price high and test the market.
I don't understand, we just showed the seller their mistake and now you want to do what they did....WHY?
If you are in the market to sell your Northern Illinois real estate or just want a list of home sales near you, we are happy to assist.
Corinne Guest
Realtor & Managing Broker
Royal Advocate Realty, Barrington
Call today 847-363-3686 for real estate and relocation service.
Suburban Real Estate - Lake Zurich, Hawthorn Woods, Kildeer, Long Grove
