Summer is one of the best times to sell your home in Chicago. More people are looking to settle in before the upcoming school year and, as you’ve probably learned, moving in Chicago while the weather is warm is more appealing than trekking your furnishings through the winter elements. With currently low inventory, homes for sale in Chicago aren’t staying on the market for long. The median market time ranges anywhere between 30 and 50 days, depending on the community. But, that doesn’t make you – the seller – immune to a stale listing that gives buyers the red flag.
Usually, refreshing your home facilitates a timely sale and generates a better return on your investment. Here are four minor makeovers bring more eyes (and offers) to your listing:
Do a deep clean
Would you want to invest in a home that is messy, dirty and disorganized? First, purge your home of unnecessary items and stow any personal belongings that make spaces appear smaller or disorderly. This is a good time to clean out the closets and donate any unused clothes or accessories, benefitting the community while lightening up your upcoming move. Don’t forget to organize the necessities on shelves and hangers, as serious buyers are likely to peek inside to assess the storage capabilities of your home. Before showings or an open house, do a deep cleaning. Wipe the refrigerator out, clean the baseboards, wash the windows and steam the carpets. Keeping tidy signals to potential buyers that the property is well-maintained, which decreases the likelihood of negative upkeep and repair presumptions.
Be careful with color
Wrapping your home in a neutral color palette is an easy way to open your home to the widest pool of eager buyers. Not everyone loves deep reds or canary yellows, but grays, off-whites and beiges are universally pleasing. By using neutral colors, buyers can easily envision themselves living in the home.
According to Zillow’s 2017 Paint Color Analysis, homes for sale with “greige” walls (a mix of soft gray and light beige) sell for $3,496 more than similar homes with tan or brown color schemes. Neutral is the way to go, but steer clear of ‘90s yellow-gold beige. Colors that were extremely popular 20 years ago easily make a home appear dated and tacky. In Chicago, the most common living room colors that boost resale value (by an average $1,809) are light beige, pale taupe or oatmeal. Amazingly, a powder blue or periwinkle bathroom helps homes fetch an unexpected $5,440 premium.
Swap the small stuff
If all issues are solely cosmetic, we don’t suggest hiring a contractor to break down walls or install new cabinetry before listing your home for sale. For starters, few sellers ever see a 100 percent return on their renovation investment unless they purchased the home far below market rate (i.e. a “flip”) and opt for inexpensive materials. Second, you’re less likely to recoup your investment for cosmetic upgrades than you are for home maintenance repairs. According to Remodeling Magazine’s 2017 Cost vs. Value report, Chicago home sellers who upgrade their attic insulation to fiberglass can expect an 88.5 percent return on their investment. This functional project costs around $1,410 and offers an average resale boost of $1,248. For a major kitchen remodel that costs $72,297, sellers can expect to see just $43,597 back at resale, or a 60.3 percent yield. A minor kitchen remodel goes farther with a 75.4 percent cost recoup – $25,126 spent compared to $18,945 sold. Still, because you (ideally) won’t have time to fully enjoy those upgrades, the improvement is not worth the 25 percent loss.
If you want to give your kitchen and bathrooms a facelift on the cheap, swap dated hardware (knobs, pulls, and faucets) for more modern finishes. While still prevalent, brushed nickel is not as appealing as it was a decade ago. Try glossy, polished nickel to complement your cabinetry. And, although gold is currently trendy, bright brass only fits contemporary spaces. Opt for antique brass for a classic look that adds a touch of character and charm. To go the extra mile and create a cohesive design, carry these finishes to the home’s doorknobs, hinges and switch plates.
Ready to sell? Z Chicago is here to help. Our team of innovative and knowledgeable local real estate professionals knows how to properly price, market and negotiate your home sale. We employ up-to-date comparable sales data to calculate a competitive pricing strategy that generates multiple offers. We’ll advertise your listing using the MLS, major real estate websites like Zillow and Trulia, social media and our extensive network of buyer’s agents throughout the Chicagoland area. Each placement includes engaging and optimized listing descriptions composed by our in-house writer and professional, captivating pictures taken by our staff photographer. When the right offer comes along, we’ll negotiate on your behalf to ensure a seamless and profitable transaction.
