lake county real estate. and then some…

selling homes…a family tradition


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The hot spring market has started to cool down, exactly why you don’t want to try to sell your home all on your own now

Selling Your House on Your Own Could Cost You

Selling Your House on Your Own Could Cost You | MyKCM

In this extremely hot real estate market, some homeowners might consider selling their homes on their own which is known as a For Sale by Owner (FSBO). They rationalize that they don’t need a real estate agent and believe that they can save the fee for the services a real estate agent offers.

However, a study by Collateral Analytics reveals that FSBOs don’t actually save anything, and in some cases may be costing themselves more, by not listing with an agent.

In the study, they analyzed home sales in a variety of markets. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.” (emphasis added)

Why would FSBOs net less money than if they had used an agent?

The study makes several suggestions:

  • “There could be systematic bias on the buyer side as well. FSBO sales might attract more strategic buyers than MLS sales, particularly buyers who rationalize lower-priced bids with the logic that the seller is “saving” a traditional commission. Such buyers might specifically search for and target sellers who are not getting representational assistance from agents.” In other words, ‘bargain lookers’ might shop FSBOs more often.
  • “Experienced agents are experts at ‘staging’ homes for sale” which could bring more money for the home.
  • “Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.” If more buyers see a home, the greater the chances are that there could be a bidding war for the property.

Conclusions from the study:

  1. FSBOs achieve prices significantly lower than those from similar properties sold by Realtors using the MLS.
  2. The data suggests the average price was near 6% lower for FSBO sales of similar properties.

Bottom Line

As Dave Ramsey, America’s trusted voice on money, explains:

“Research has shown that, between mistakes, lack of negotiating skills, pricing errors and general exposure on the market, you’ll cost yourself more than the real estate commission…You’ll come out slightly better and with a lot less hassle if you use a top-shelf agent.”


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190 Meadowlark Circle, Lindenhurst IL 60046

Lowest priced home in Country Place right now! 4 bedroom, 2.1 bath with stainless steel appliances, Brazilian cherry flooring, newer carpet. Cozy family room with gas-start fireplace. Full basement has a partially finished – only carpet is needed!

Click on photo below, to see interior pictures:

https://plus.google.com/+KieronQuaneRealEstateatPropertiesLibertyville/posts/HMH73rFQTfE

 


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Tis the season for tree-lighting

Although the outside temperatures more closely resemble Chicago in January, Thanksgiving is really less than a week away.  The arrival of Thanksgiving brings a ton of crazy shoppers, but more importantly, it traditionally marks the start of the holiday season.  Lake County is home to fabulous communities – to Villages and Cities who make a remarkable effort to provide an abundance of fabulously fun events for residents.  Many of the communities structure several hours of activities around their tree lighting ceremonies, with quite a few including parades, Santa’s arrival, and performances by student bands and choirs.  And, these events help stretch your holiday budget farther – they are all FREE!

Lake County Community Lighting Festivals begin this weekend, and continue on into December. Here are some dates to mark on your calendar (for more details, visit the Lake County blog by clicking here):

November 22
Highland Park 3-5

November 28
Antioch 6-8
Fox Lake 6:30
Grayslake 5:30-8
Lake Forest 3:30-7
Libertyville 7
Round Lake Beach 6

November 29
Fox Lake Parade 11am
Lake Villa 5-7
Lake Zurich 4-6
Vernon Hills 4:30

December 5
Hawthorn Woods 6
Mundelein 6:30-8
Wauconda 6

December 6
Barrington 1-6:30
Island Lake 6
Lindenhurst 4:30-6
Round Lake 2-6
Waukegan 10-6
Winthrop Harbor 4:30

December 7
Lincolnshire 5:30-6:30