Late 2019 and early 2020 looked very promising for home sellers. But then everything slid sideways when the coronavirus came on the scene. Listings have dropped and sales have decreased, and the very process of selling a house has changed. But it’s not all doom and gloom, and, in fact, by late summer home sales should rebound – but there will be some differences. So let’s examine 5 ways of selling a house that will be different in Chicago this summer.
1. Home Prices Will Continue to Rise
First, the continuing (though slowing) rise in home prices will make selling a house different in Chicago this summer. “Overall, home prices grew slower in 2019 (3.3%) than in 2018 (5%). And this year seems like it will be no different. In fact, real estate gurus predict that home prices will only rise by 2.8% in 2020. So, you’ll likely see home prices continue to creep up, but they probably won’t knock your socks off with rapid growth as we’ve seen in previous years.”
Now, what this means for you as a seller is that you need to be aware that many potential buyers are currently being priced out of the market and more may be by summer. And this in turn means more and stiffer competition and fewer offers. So this summer, making your home stand out, strategic pricing and aggressive marketing will be even more important.
Your local agent can help you get these critical components right. Call 773.233.8180 to find out more.
2. Millennials Will Make Up Majority of Buyers
Further, selling a house will be different in Chicago this summer because millennials will make up the bulk of the home buying market. Last year, millennials – those people born between 1980 and 1998 – made up 37% of home buyers. And that percentage will be even higher by this summer.
So what, exactly, does this phenomenon mean for you as a seller? Consider these three things . . .
ONLINE LISTINGS MUST BE TOP-NOTCH
“Virtually all millennials (98%),” industry watchers say, “use the internet for their home search—and more than 80% of them found their home on a mobile device last year. So, you need to make the best possible impression on the internet.”
FEATURES/AMENITIES MEAN MORE THAN SIZE
For millennials, lifestyle benefits mean more than square footage. To attract millennials, then, this summer, you’ll need to emphasize, say, low commuting costs, nearby amenities, and quality of the neighborhood.
CERTAIN FEATURES MEAN MORE
In addition, millennials are looking for certain features in a home more than others. “Here are some of the top home features millennials want: laundry room (86%), hardwood front exterior (81%), patio (81%), garage storage (80%), and a walk-in pantry (79%).”
3. Virtual Marketing Will Rule
Selling a house will also be different in Chicago this summer in that your marketing should focus on virtual marketing. This means chiefly online 3D home tours, but there are a couple of other important tactics.
In-person open houses will be almost non-existent this summer, and that means many more virtual open houses. A virtual open house will still allow you to showcase your home’s best features to as many buyers as possible. But don’t neglect to consult your agent so that you can get the virtual staging right.
A growing virtual marketing tactic is the agent-led video tour. This is a digital tour “with a sales agent talking about what makes the house unique, special or perfect for an incoming family . . . It’sone thing to view a video that shows an upscale kitchen. It’s quite another thing to be able to ask an agent in real-time via online video when the chef-quality stove was installed and if the counter is marble, granite or quartz. In this case, video isn’t the only medium to deliver a message; an agent can offer additional content via the spoken word.”
4. Remote Closing May Become the Norm
Another difference for selling your Chicago house this summer will be the growing number of remote closings (in states that allow them). Remote closing allows the closing protocols to be met while reducing risky contact.
Here’s how remote closing works: “If remote closing is possible, title companies prepare the required documents and mail, and then email or upload them to a portal. The title company verifies personal information and identification by video, and the documents are signed electronically. Another option is using a mobile notary, who travels to a buyer or seller’s home or workplace to complete the closing to limit in-person contact.”
5. Partnering With a Good Agent Even More Important
Finally, selling a house will be different in Chicago this summer by virtue of the fact that partnering with a good local real estate agent will be more important than ever. These professionals will be on top of all the changes and will know how to best help you sell your house. A qualified local agent with a good sales track record will know exactly what it takes to make your home stand out and sell in the most effective way. Find out today how our agents can help by calling 773.233.8180 or sending us a message!