4 Important Tips For First-Time Home Sellers

baby playing with pot on kitchen counter

Selling your home is one of those big life events. Because most people don't sell a home very often, some good solid advice in the beginning can help avoid making costly errors in judgement.

So where should you go for the best advice?  A real estate professional. Find someone that you can trust, invite them to your home, share your plans with them, and get all your questions answered. Get an agent involved before you start any preparation. A good agent's guidance will go a long way to save you time, money and aggravation.

Overpricing . . . NEVER a Good Selling Strategy!

brick home with a don't overprice graphic

The single most important factor to consider when selling a house is the price.  How much is your house worth in today's local real estate market? 

If you are thinking that you should overprice your home and then aggressively negotiate, think again.  Overpricing may be the biggest mistake you can make when selling your home.  Overpricing leads to a longer listing time and lower selling price.

Income Tax Tips From The IRS When Selling Your Home

shoe house

Here are some things the IRS suggests you keep in mind when selling a home.  As always, for advice on tax planning and compliance, check with your accountant and/or the Internal Revenue Service for guidance before taking any action.

1. Taxpayers who sell a home may qualify to exclude from their income all or part of any gain from the sale. To claim the income tax exclusion, the homeowner must have owned the home for at least two years, and lived in the home as their main home for at least two years, during a five-year period ending on the date of the sale.

Home Seller: How to Handle A Negative Home Inspection

home inspection report on table with flashlight

Selling your home can be a complex transaction with many twists and turns. One of those twists can be the home inspection. Knowing how to best respond to a negative home inspection can mean the difference between closing the sale or putting your home back on the market. It's best to put your ego aside, and prepare to compromise.

Do These Things Before Listing Your Home For Sale

Beautiful family room

Are you planning to sell your home within the next 3-6 months?  Even if your timeline is a little longer, you should start getting your home ready to shine now. 

When your home hits the market you want it to wow potential buyers so you can get the best possible price and sell within your optimum time frame.

Here is a helpful list of things to do ahead of time so you will be confident and not stressed or overwhelmed when the time rolls around. It always comes faster than you think!

How Long Does It Take To Close a Home Sale in the Chicago Area?

Shaking hands outside of new home

In the Chicagoland area, how long does it take to complete a sale once you agree to a purchase contract?  

Some transactions take longer than others to get from signed contract to closing table for various reasons.  Most of them having to do with the buyer securing financing, but other items may add to the timeline like issues arising from inspections, title deficiencies, and any number of unexpected matters.

In the Chicagoland area, the average time from accepted contract to closing per month in 2017 was as follows:

How To Find Out What Your Home Is REALLY Worth

Birdhouse hanging on a tree limb

If you're reading news publications, consuming social media posts, and/or watching the evening news, then you have probably been hearing a lot about the housing market and how home prices are increasing by healthy percentages around the nation.

What does this really mean to you?  If you saw a report that said home prices increased by 5% since this time last year, does that mean that the value of your home increased by 5%?

Selling Your Home? Think SAFETY FIRST!

Open door with key in lock

Part of the necessary process of selling your home is allowing strangers into your home. Although your agent will take every precaution to verify the identity of persons entering your home, there are certainly reasons to be cautious.

If you are looking for a home, you are entering other people's homes where you also need to be thinking about safety.

Here is some valuable advice to protect yourself against the potential for crime: