Nestled between the Cook County Forest Preserve and Lake Michigan, Glencoe is an enchanting village with a picturesque landscape. People are charmed by Glencoe’s scenic wonderland, small-town sense of community, and proximity to Chicago. The area may sell itself, but there are still a few steps homeowners must take to prepare to sell their homes for the best price.
Preparing to sell
Interview agents
Hiring the right real estate agent is crucial to selling a house for top dollar. Below are some questions to ask an agent before hiring them.
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How long have you been an agent?
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Do you work full- or part-time?
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How many homes have you closed this year?
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Do you work individually or as a team?
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How well do you know this area?
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Do you specialize in a certain price point?
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Do you have references?
Determine sales price
There are several ways to determine a home’s worth.
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Search online for a home value calculator
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Compare prices of similar homes in the area
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Homeowners can hire an appraiser, but there may be better options.
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The best way is to contact a reputable real estate agent. They have access to the MLS site, and they know the market. They can ensure the home is priced correctly the first time.
Valuable upgrades
According to a 2022 report by the National Association of Realtors®, adding or refinishing hardwood floors and insulation are the top two returns on investments (ROI) for the interior of a home. The top three ROI exterior upgrades are replacing the roof, garage door, and siding.
Timing
Ideally, homeowners want to sell during a seller’s market where they have the advantage and multiple people are bidding for their home. It does not mean sellers will not get a reasonable price for their home during a buyer’s market, but they will compete for buyers in that situation.
The time of year also has an impact on selling a home. For the most part, spring is the best time to sell a home. However, the best time may be a different season if the house is in a vacation destination. For instance, winter may be a better time to attract snowbirds in Florida or ski enthusiasts out west.
Photo ready
Staging puts a home in its best light, making it easier for buyers to visualize the space as their own. In some cases, staging has been shown to decrease sale time and increase profit. While not every homeowner stages their home, photos are a must. Many potential buyers will not give a listing a second thought without photos. It also makes it more difficult for buyer’s agents to recommend your listing if they cannot view the home online.
Selling process
Listing on the MLS and marketing strategies
Sellers working with a real estate professional do not have to worry about listing or marketing the home because the agent will handle everything. In a for-sale-by-owner (FSBO) situation, the seller has to photograph the home and write a description to give to a Flat Fee MLS Broker to list the home on the MLS.
Open houses and virtual tours
Open houses are a terrific way to allow several interested homebuyers to view a home in a limited amount of time. Virtual tours have been growing in popularity over the last few years. They give potential buyers a better idea of the home than photos alone but still do not take the place of viewing in person. Ask the real estate agent about both methods and if additional fees are involved.
Cash vs. traditional offers
Cash is king for a reason. With a cash offer, sellers do not have to worry about the buyer’s loan, so there will be fewer chances of the deal falling through, like in a traditional bank-financed offer. Negotiation is still crucial in both situations. A savvy real estate professional will be able to negotiate the best deal for the seller and make sure the process runs smoothly.
Appraisal
Lenders usually require an appraisal before approving a loan to determine the home's fair market value. The lender may not approve the buyer's loan if the house is appraised under the sales price.
Closing Costs
There is a multitude of closing costs besides the agents’ commissions. Fees such as title insurance, appraisal fee, attorney fee, and more can add up to 3%-6% of the sales price.
Can I sell my Glencoe home without a realtor?
Yes, but it is not advisable. Even if you forego the realtor, the seller will still have to pay the buyer’s agent in most cases. Some states require a real estate attorney to manage the paperwork, which will be another fee. Also, homes with a real estate agent typically sell for significantly more money than those for sale by the owner.
What do I do if my home listing expires?
When a listing expires, the contract between the seller and the real estate agent ends. Determine why the home did not sell. Is the price too high? Is it in bad condition? Are there communication problems between you and the agent? Homeowners have several choices: re-sign with the same agent, find another agent, sell it themselves, or not sell at all.
Experience the difference
Selling a home in Glencoe, IL, is much easier when you have a dedicated professional. Rick Richker of the Richker Group is that dedicated professional. He is an expert in the Glencoe market and the greater Chicago area. Homeowners are not just numbers to Rick. He cares about his clients and strives to give them the attention they deserve.
Rick has the knowledge and expertise to sell your home for top dollar and the drive to get it done. If you are interested in buying, selling, or investing in real estate, call Rick today, and experience the difference of working with a premier broker, rated one of the tops in the field by Chicago Magazine.
*Header photo courtesy of Rick Richker
*Header photo courtesy of Rick Richker
