A recent article on Realtor.com offers timely advice on how to approach pricing in today’s housing market.
In the current selling season, setting the right price for your home is more important than ever—and overestimating its value based on gut instinct or minor upgrades can backfire quickly. In the greater Chicago area, the same rules still apply. Freddie Mac highlights that one of the top five mistakes sellers make is setting the asking price too high, which leads to longer time on market and reduced buyer interest. That’s why a pre-listing home appraisal may help in establishing the best sell price. Zillow emphasizes that realistic pricing attracts more serious buyers and can lead to faster, more competitive offers.
Toni Zarghami, co-founder and director of business development at the Zarghami Group, a Keller Williams real estate firm in Sarasota, FL, has seen this mistake play out all too often. As a listing specialist, she frequently works with sellers who assume that routine cosmetic updates—like fresh paint or new trim—will significantly boost their home’s value. But Zarghami cautions otherwise: “Cosmetic updates can help a home sell faster, but they are unlikely to raise the sales price.”
While a polished presentation might make a home more attractive, true value lies in features buyers are willing to pay more for—like a pool, modern upgrades, or a lakefront location. While some of these features may be less relevant in Chicago, other factors matter: school districts, access to transportation, square footage, and neighborhood appeal.
Still, the biggest misstep sellers make is starting too high. According to the National Association of Realtors, homes priced too high often sit on the market longer, forcing eventual price reductions and delaying the sale. As Zarghami says, “Selling a house is like running a marathon, and when you choose to price too high, you have let every other runner get 20 miles ahead of you before you even take your first step. It’s almost impossible to catch up.” As Redfin notes, overpriced homes typically result in lower final sale prices after price drops and lost buyer interest.
That initial pricing decision sets the tone. Overpriced homes tend to linger, lose momentum, and often sell for less than they would have if priced correctly from the start.
The bottom line: Don’t let optimism cloud your judgment. The Appraisal Institute recommends using pre-listing appraisals to establish unbiased pricing, especially in fluctuating markets. Work with a real estate professional who understands local market dynamics. Thoughtful preparation and realistic expectations are the keys to a successful—and timely—sale.
Real Valuation Services can help you price with confidence. A pre-listing appraisal provides an unbiased estimate, helping you set the right price from day one in Chicago communities.
📞 Ready to schedule your pre-listing appraisal? Order online or call 312-270-0500 to get started.