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Common Pricing Mistakes That Sellers Make

When you’re selling your home, make sure to avoid these common mistakes. 

Pricing your home correctly is one of the hardest parts of selling your home, but it is also one of the most important. Having the right price can make or break your home sale, especially in today’s constantly changing market. Things are starting to shift away from the white-hot seller’s market, so it is getting increasingly important that you are competitive. That’s why I’m here today with some advice on how to price correctly and what common mistakes to avoid. 

First, it’s crucial to not get caught up in sentimental value. You may think your home is worth the moon because of the wonderful memories you’ve made in it, which is completely understandable, but now it is time for a new family to get the chance to make memories there, so present a price that makes that possible. 

Also, remember that not all of your fix-up projects will get a dollar-for-dollar return. Spending $3,000 on flooring does not mean you’ll necessarily get $3,000 more. Prices fluctuate, so be willing to be flexible. 

One of the most common mistakes that sellers make is overpricing their homes. Many people think this is the way to go because it gives them room to negotiate down. This strategy may have worked before when we were in a strong seller’s market, however, things have changed. If you do this now, it might only just cost you a lot in the long run. 

“Prices fluctuate, so be willing to be flexible.”

Having too high of a price will scare buyers away, then you won’t be able to drum up enough interest. Your home will sit for months on the market, and you’ll have to lower your price. Buyers will notice this and worry that something is wrong with your house. 

Plus, you might end up chasing the market. Let’s say you insist on listing your home for $300,000 even though homes similar to yours are only selling for $270,000. When your home doesn’t sell for a few months, you lower it to that $270,000, but by then the market has already changed again, and you will always be a few months behind the market. 

The key to pricing correctly is to look for comparable sales, and this is something I would love to help you do. I can help you find homes on the market that are very similar to yours, figure out how much they sold for, and help you base your price around that. This is the most successful route. Research is very important, especially in our shifting market. As things change, we have to stay on top of that. 

If you are interested in selling your home, call or email me, I would love to help you do so successfully. I don’t want you to make costly pricing mistakes; I want to be your real estate resource. I look forward to hearing from you. 

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John Lyons

Tired of traveling week-in and week-out for his corporate job, John Lyons decided to start his own real estate business. Lyons could not have predicted how well his background would prepare him for a career in real estate. His journey has been a long and successful one. After graduating from Indiana University in 2001, he took a job selling copiers at Minolta Business Solutions. After building an impressive track record there, he was hired by BrainLAB, Inc. to sell image guides surgical systems. He quickly rose to become one of the top sales representatives for the company. Seven years later, he was hired by Midwest director of sales IMRIS, for their intraoperative MRI and integrated operating room solutions. Now he has a new outlet for his sales abilities: real estate. A Chicago Association of Realtors Top Producer and recipient of Baird and Warner’s Founder’s Club award for the past four years, Lyons had a record 2018, selling more than 11.7 million in real estate. This marked an 18 percent increase over his 2017 numbers. “I was able to accomplish this through daily prospecting and providing a high-level of service for my clients,” he says. In testimonials, his clients say he is patient, trustworthy, personable, knowledgeable, and professional. “Each and every client is so different,” he says. “It’s important to truly understand their needs so you can best serve them. Listening build trust, which is so incredibly important in our business.” A member of the Lakeview Chamber of Commerce, he assist clients in a variety of neighborhoods, including the Near North Side, Lincoln Park, Lake View, Uptown, Ravenswood, Logan Square, West Town, and the Loop. He is quick to admit the best education he has ever received was from his 6 years of service in the United States Marine Corps. Lyons donates $200 per transaction to the Neonatal Intensive Care Unit at Lurie Children’s Hospital. “I am running the Chicago Marathon in 2019 for Lurie Children’s Hospital,” he says. “I have a lofty goal this year, to qualify for the Boston Marathon a second time. Since the beginning of the year, I have been spending at least four hours a week training for the October 13 race.” Results matter, here are John's Listing Numbers: Average list to sell ratio - 98.2% Average days to closing - 52 Listings taken to listings sold - 99%

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