Chicago area home buyers are challenged by low inventory and rising interest rates, but they still want the nicest property their money will buy. The buyer preference for updated, move-in ready homes has been consistent for years, and it’s likely here to stay.
While we’ve seen this for ourselves in Chicagoland, the 2021 Profile of Home Buyers and Sellers from the National Association of REALTORS® backs it up nationwide. This collection of surveys included questions for buyers about their home choice. Most buyers who purchased brand new homes said they wanted to avoid “renovations and problems” that could arise with an older home. Specifically, problems with mechanical systems and other expensive issues.
Meanwhile, buyers who purchased existing homes cited overall value as one of their prime motivations. This doesn’t mean they sought the lowest-cost home; it means they sought the best home for the price. If you were watching the market last year, you probably noticed how homes in good condition, priced attractively, were sold in record time – often after a bidding war.
Sellers who want the best possible sales price should be willing to spruce things up as needed. Of course, you can sell your home as-is, but be prepared to price it accordingly. Offering buyers the best value for the money is a good strategy for any market. We can help you with cost-effective suggestions, based on our significant experience with buyers throughout Chicagoland. Contact us for a home value consultation!
StartingPoint Realty – serving Chicagoland home buyers and sellers!
StartingPoint Realty proudly serves home buyers throughout Chicagoland. First-time buyers, don’t miss our free home buying webinar! We can also refer you to top mortgage lenders in Chicago and the suburbs!
If you’re thinking about selling your home, we’ve got qualified buyers at the ready! Ask us for a free consultation about your home’s market value. There is no pressure to list your home, and no obligation.
Always feel welcome to contact us with your Chicago real estate questions!
Ryan Gable Broker/CEO Starting Point Realty
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