CHICAGO, Nov. 29, 2016 /PRNewswire/ -- When a home is put up for sale, many factors influence the results, and the price at which the property is first listed is among the most important, report top RE/MAX brokers in northern Illinois.
"In normal market conditions, the list price isn't the most likely sales price," explained Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois. "Instead, it is a price geared to attract interest, and usually it's a compromise between the home's probable and maximal values under current market conditions. A poorly chosen list price can both slow the sale and reduce the final price." "The most frequent problem I see with initial list prices is that they are too aggressive," observed Dawn Dause of RE/MAX Ultimate Professionals in Shorewood, Ill. "In our current market, a home priced correctly can sell in a couple of weeks. If it's priced too high, it can take much longer to sell and end up selling for less than it would have otherwise. The list price shouldn't be more than 5 percent above the market value of the property based on comparable sales." Choosing the right list price for a home can be a complex process, and according to Phil Makarewicz of RE/MAX 1 st Choice in Ottawa, Ill., a key objective is to balance the probable market value of the home with the current market conditions. "I look at similar homes in the area that have been on the market in the last six months, both those that sold and those that didn't," Makarewicz said. "By analyzing market activity, the sellers and their broker should be able to determine a value range for the home."