7 Tips for Buying or Selling Houses in Chicago
Did you know that in December 2021, more than 2,400 properties were sold in Chicago? That’s a rise of more than 6% on the same month of the previous year.
The Chicago housing market is alive and kicking, so if you’re thinking about buying or selling houses in Chicago, you have plenty of options.
If you’re looking to buy a property, or sell one you already own, then there are some tips that can help to make the process a little easier.
Read on as we look at some practical tips for buying or selling houses in Chicago.
1. Know Your Market
One of the most important things to do, whether you’re intending to buy or sell a house in Chicago, is to learn all you can about the local housing market.
Without a strong knowledge of the market, you’ll have no idea of the current selling prices for the type of property you’re looking to buy or sell. You also won’t know whether you’re operating in a buyer’s marker or a seller’s market. Unless you’re fully armed with all the information you can get, you could end up overvaluing your home, or overspending on the one you’re buying.
The more research you can do, the better.
2. Get Your House Ready to Sell
If you’re looking to sell your house, then you want to be sure that it’s ready for market.
If you’re selling a family home, for example, then no prospective buyer is going to want to be shown around a house that is full of clutter and in need of a good clean. An effective way to show your home off to its full potential is to put some of your belongings into storage to remove some of the excess.
With less stuff in your home, it’s easier to show your property off at its best. Whether or not you want to take things further and do some repairs or redecorating is up to you.
3. Know Your Budget
When you’re looking for a house to buy, you need a realistic idea of your budget. It’s no good putting in an offer on a house that you simply can’t afford.
The first thing to do is to get an agreement in principle on a mortgage. This is an indication from a mortgage lender that they would be willing to lend you a specific amount should you find a house in that price range. The mortgage lender will use your financial information when putting an agreement in principle in place, so it gives you a good idea of exactly how much you’ll be able to borrow.
It’s never worth trying to borrow beyond your means; you’ll only end up struggling to make ends meet every month trying to cover your repayments.
4. Consider a House Buyer
Sometimes there will be circumstances where some of us need to sell houses quickly.
If that’s your situation, then you have a number of options. You can price your home competitively, in the hope that you can find a buyer who is keen to snap up a bargain. You can also find a realtor who will aggressively market your home.
Alternatively, you can find a cash house buyer, who will be able to offer you cash for your home and facilitate a quick sale. You can go to URB Chicago, for example, to get your house sold in as little as a week.
5. Be Ready to Make an Offer
When you’re looking for homes for sale in Chicago, there’s nothing worse than finding your dream home, only to be beaten to the punch before you can get your finances together.
We’ve already mentioned the benefits of getting an agreement in principle. This allows you to put in a firm offer knowing that you have a lender who is willing to lend you the money to make the purchase.
You should also be certain of the maximum that you are willing to offer for any property. When you put an offer in, the owner may counter with a revised price of their own. You need to be sure of how much you can afford, and how much you are willing to pay for the property that you’re putting an offer on.
If you’re too slow, someone may slip in and buy the property from under you.
6. Don’t Be Greedy
Understandably, you want to know how to sell your house for the maximum amount possible.
However, getting too greedy can cost you in the long run. If you price your house at more than its worth, then you’re not going to get any interest. You can waste money whilst you wait for an offer that’s just never going to come.
It’s all very well trying to get the most you can for your home, but just because you set a high price doesn’t mean anyone will be willing to pay it.
7. Understand The Costs
The final point applies to both buying and selling: you need to be aware of all of the costs involved.
When you’re budgeting to buy or sell a home, there are some costs it’s easy to overlook. When you’re selling you might have the costs of redecorating, or putting some of your belongings in storage. When you’re buying, there are costs such as closing costs, property taxes, and even moving costs that need to be taken into account.
Be sure to factor in all the costs so you’re not left with any unpleasant surprises.
Are You Ready to Buy or Sell Houses in Chicago?
If you’re thinking about buying or selling houses in Chicago, then we hope that this article has been helpful.
Remember that you don’t have to do everything yourself. A realtor can help you with both buying and selling a home, a mortgage advisor can help you to work out a realistic budget, and a home buying company can help you make a quick sale. The important thing is to do your research; the more knowledge you arm yourself with, the easier the process will be.
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