Whether you are buying Highland Park, IL homes for sale, getting ready to sell a home, or perhaps hoping to do both simultaneously, the process will go more smoothly and with less stress if you are prepared and have a game plan. Remember, although all buyers and sellers go through a similar sequence of events, everyone’s specific timeline will be different. This article will provide an estimated timeline for buying and selling your home.
The best time to start
The first step for buyers and sellers of Deerfield homes for sale relates to timing. When do you want to buy or sell your home? Sometimes, that is determined by circumstances like having to move for a job. If timing is more flexible, then discuss the matter of timing with a knowledgeable real estate agent. Your agent can provide sound advice regarding the best time to move forward. Once you’ve determined a starting date, you can begin moving forward with the process.
Selling your home
The process of selling a home generally takes longer than buying one. If you are buying and selling simultaneously, working on getting your home sold before you purchase a new house is best. On average, in Northbrook, IL, homes for sale will close in less than six months. There are many variables, of course, which can either lengthen or shorten that timeline.
Six months before selling
If possible, about six months before listing, take some time to find an excellent, reputable real estate agent. A knowledgeable agent with a record of success and satisfied clients is a valuable asset during the sales process. Your agent should have a strong work ethic and evidence of expertise.
One of the first things the agent will do is walk with you through your home. The walkthrough gives the agent a feel for the property, identifies its most prominent selling points, and suggests improvements. During the walk-through, you’ll discuss things you must do before listing the home and any projects that could add value.
Armed with knowledge and information about the home, property, and neighborhood, your agent will begin gathering data on comparable recently sold homes. All this information will be considered when setting an appropriate selling price for the house.
Two to four months before listing
Before your agent can list Deerfield homes for sale, they must be prepared. The more “move-in ready” a house is, the more likely it is to garner interest, sell quickly, and receive better offers. As mentioned, the timeframe will depend on how much or little work must be done before listing the property. In most cases, preparing the home will take a couple of months.
Preparing the home involves a deep and thorough cleaning, decluttering, and depersonalizing. The process can be labor intensive and time consuming, so many sellers opt to use the help of
professional cleaning services, organizers, and contractors. In addition to cleaning, the process also involves repainting and making repairs. Wrapping up the preparation process is a significant milestone on the selling timeline, signaling that you are almost ready to list the home.
Four to six weeks before listing
A month or so before listing Northbrook, IL homes for sale, it’s a good idea to hire a
professional staging company to put the finishing touches on your house. A staging company will bring in decorative accessories, window treatments, artwork, and furniture, which are used to design each room to look inviting, luxurious, and picture-perfect.
After staging, it’s recommended that a professional real estate photographer obtain high-quality images and videos of the home. These images will become an integral part of every marketing piece created for the sale of the house, beginning with the official listing on the MLS (Multiple Listing Service).
Listing and marketing
The majority of home buyers begin looking for Highland Park, IL homes for sale online, so the best marketing plans will ensure that the MLS listing looks impressive. It’s crucial that the listing grab the attention of potential buyers and stop their scrolling. Your agent should begin the listing late Thursday or after midnight on Friday to capture the largest volume of buyers before the weekend. In addition to the MLS listing, marketing efforts should include yard signs, flyers, printed ads, and promotion on social media.
The final four to six weeks
Soon after listings for Deerfield homes for sale go live on the MLS, the agent should begin receiving requests for showings. It’s essential to keep the home in pristine condition and ready for visitors at any time. In addition, at least one Open House event should be scheduled.
Once offers begin to roll in, you and your agent will evaluate each. Selecting the best offer does not always mean the highest bid. Carefully assess any concessions or allowances that are being requested as well as the price.
After selecting an offer, and all parties entering into mutual acceptance, it’s time to close the deal. During the closing process, the buyers will sign all required documentation, and the seller is provided a check for the net equity from the sale.
Buying a home
Buying Northbrook, IL homes for sale is not as complex as selling, but there are still many necessary steps and considerations. The more time you have to prepare for the purchase, the less rushed you will be, resulting in a more pleasant and less stressful process. It’s a good idea to give yourself a minimum of four months, ideally six months or more.
Get finances in order
Take some time to get your finances ready. You’ll need to examine your debt-to-income ratio, pull your credit scores, determine how much cash you’ll have for a downpayment, and determine your budget. It’s also vital to gather essential documents like pay stubs or other proof of income, bank statements, and documentation for any other assets or income. At this point, you will also apply with a lender to obtain a pre-approval letter for your mortgage. Ensuring you are financially prepared to buy a house is a critical preliminary step.
Three to six months before buying
Just as with selling a home, as a purchaser of Deerfield homes for sale, you should hire a reputable agent. Together, you’ll assess your home needs, specific amenities you desire, preferred locations, and your budget. Using this information, the agent will begin searching home listings for the best matches and scheduling showings for the houses in which you’ve expressed an interest.
Some buyers can quickly find a home they like, while others may look at dozens before finding the right place. When the inventory of homes is limited, finding the right house and competing with other buyers can be somewhat stressful. It’s important to stay positive, be flexible, and avoid getting your emotions involved.
One or two months before buying
After viewing Northbrook, IL homes for sale and deciding on one to purchase, you and your agent will discuss how much to offer the seller and if you will request any contingencies or allowances. Sometimes it’s necessary to negotiate with the buyer before all parties can mutually agree to accept the offer. With the offer signed and accepted, it’s time to close the deal.
The last month
After your offer is accepted, you’ll hire a professional to do a property Inspection. Professional inspectors ensure there are no hidden issues before the buyer goes to closing. If all is well, you’ll arrange to have accounts set up for utilities and prepare to finalize the deal at closing. In most cases, closing occurs within four to six weeks of the offer being accepted.
Conclusion
Buying and selling Chicago real estate can be a complex process, but having the right real estate professional can help ensure that everything goes smoothly. Typically, the process will take no more than six months, although the exact timeline depends on many variables. If you need expert assistance with buying or selling a home, contact
Ali Lerner Real Estate. Ali’s in-depth knowledge of Chicago area real estate and her background in digital marketing have established her as an exceptional agent with a
track record of satisfied clients.
