Sellers Beware

Posted by Ri Prasad on Thursday, February 17, 2022 at 8:22 PM By Ri Prasad / February 17, 2022 Comment

Seller Beware? Making Smart Choices in a 'Seller's Market'

It's a seller’s market, or so EVERY real estate expert and predictions are telling us. But what does that actually mean? Does it mean it’s easier to sell a home than it would be in a buyer’s market? Are units selling for more money, or more quickly? Does it mean less effort is needed on the part of both sellers and agents to get units into contract and closed on? Not necessarily. Let me break down every part of the transaction from the pre-qualification letter all the way to the closing table.

The current real estate climate can be described as follows: “It’s a seller’s market because inventory is very low. We have more contracts signed than homes coming into the market, so we have more demand than supply.” So in this case, the definition is literal. It’s a function of current inventory.

And it’s also a local thing. “In the Chicago, a seller's market is block by block, building by building,” “It’s a seller’s market for a condo in a building is financially robust, near a subway, has a doorman, has light, and isn't a cut-up.”

Listen, I understand that selling your home can be one of the most stressful and aggravating things you’ll ever do, in fact I’m actually in the middle of my own transaction right now as I’m filming this video.

But it doesn’t have to be so difficult if you’re well represented and working with someone who truly has the experience to make sure that everything works out.

Hi my name is Ri Prasad with Ri Prasad Luxury Group of Option Realty and I’ve been named 2021’s fastest growing agent in the country so there isn’t much that I haven’t seen or experienced.

We’ll be talking about things like contingencies

pre qualification letter vs pre approval

cash vs mortgage

close date vs possession date

proration of taxes

making sure you get the money you’re expecting

closing on time

which offer should you choose and why you make sure the buyers haven’t written offers on any other properties

how do you know they will close

You get my point, there is a LOT to think about.

So watch out this month in your newsfeed for videos that will educate you and help you make sure you have a safe, lucrative and stress-free experience while selling.

You can also go to my YouTube channel right now to watch them all at once, just type in The Chicago View by Ri Prasad and you’ll see a tab that says “Sellers”.

Thanks for watching and we look forward to educating and working with you, be sure to reach out to us for anything big or small as we’re always here to help!

Make it a great home selling and buying day. And don’t forget if you’re thinking of selling your home here in Chicago, we are your neighborhood specialists.

Tags: Selling Your Home, Market Update, Homeowners