The major problem encountered by a homeowner selling their property without an agent is determining the right price. Getting the price right can yield a quick sale and the highest return. Get it too high, and you’ll drive buyers away. Get it too low, and you’ll leave thousands of dollars on the table.
At JCH Properties, we know that “We buy houses Chicagoland” can be stressful, particularly if you’re doing it by yourself. If you’re weighing whether to have a traditional sale or are looking at alternatives such as selling to a professional home buyer, this blog will take you through how to price right when selling your house without an agent, particularly in the Chicagoland and Joliet markets.
Why Pricing Matters in a For-Sale-By-Owner (FSBO) Deal
When you sell your house without an agent, you’re also bypassing the professional pricing plan that agents usually offer. That leaves you being even more careful and thoughtful in determining your asking price.
A well-priced house:
- Draws more qualified buyers
- Sells more quickly
- Generates superior offers
- Minimizes back-and-forth negotiations
On the contrary, overpricing will have your house lingering on the market, growing stale, and ultimately needing a price cut. Therefore, it is important to know your local market and price competitively from day one.
1. Research Comparable Sales (Comps)
One of the first steps in pricing your home is finding comparable homes (comps) that have sold in your area within the last 3 to 6 months. Look for homes that are:
- Similar in size (square footage)
- Close in age and condition
- In the same or nearby neighborhood
- With similar amenities (garage, basement, yard, etc.)
For example, in the city of Joliet, don't compare a newer West suburb house to an older home in the Cathedral district or one on the East side. Aim for a radius of a quarter to half a mile, or better yet stay in the exact subdivision with similar style and aged homes.
Use data resources such as Zillow, Redfin, and Realtor.com, or even request information from the county assessor’s office. JCH Properties will gladly help you if you don’t know where to begin; they will provide a no-obligation offer, giving you an estimate of what your house might be worth in today’s market.
2. Be Truthful About the Condition
It’s worth taking an honest assessment of your home’s condition. A well-maintained home will sell for more than one that is not. However, don’t worry; there are still wonderful selling options available if your home is old or in poor condition.
Essential things to assess:
- Condition of the roof and HVAC
- Age of appliances
- Condition of floors and walls
- Curb appeal
- Structural problems (foundation, plumbing, etc.)
If your house needs major repairs and you don’t feel like going through the work of renovating, we purchase homes in Joliet and the rest of Chicagoland in as-is shape. At JCH Properties, we provide cash for houses, allowing sellers to skip expensive renovations and stressful open houses.
3. Think about Current Market Trends
Real estate markets ebb and flow constantly. These factors—interest rates, seasonality, and demand for homes in your area—can change the value of your house. When spring and summer come, there are more buyers in the market, so prices often increase. If interest rates rise, buyers might limit their pricing offers for a home.
Research:
- Average days on the market in your neighborhood
- Sale-to-list price ratios
- Local inventory (Are homes selling quickly or lingering?)
- Buyer demand in your neighborhood
Our crew at JCH Properties, who are recognized for our honest method of selling your house without an agent, will be able to explain your local market to you and lead you to a reasonable asking price when selling your home without an agent.
4. Don’t Price Emotionally
Building an emotional attachment to a home is easy, especially when the house has been a part of one’s life for several years or has undergone significant upgrades. Memories do not go far in convincing buyers to raise the price- they want to see value in the market and the home.
Put emotions aside and think of your home as a product. Support your asking price with facts and market statistics. You can begin higher, leaving room for negotiation, but setting too high a price will scare potential buyers away altogether.
At JCH Properties, we offer a no-obligation, no-pressure consultation to help homeowners determine the potential sale price of their home in the current market based on emotionless and data-driven analysis.
6. Seek a Professional’s Advice (Even Without an Agent)
You need not deprive yourself of professional consultation just because you are selling a property on your own. Real estate appraisers may look at recent sales activity, your home, its condition, and prevailing trends to arrive at an objective value. An appraisal might set you back a few hundred dollars, but it is worthwhile if you are anxious about pricing.
Alternatively, consider contacting reliable local buyers, such as those at JCH Properties. We’re a company that confidently states we buy houses in Chicagoland, and we have reviewed hundreds of properties in our time, providing keen pricing knowledge entirely free of charge.
7. Be Prepared to Adapt
Even with study and planning, the marketplace will eventually provide you with feedback on whether or not your home is priced correctly. If you’re experiencing little or no interest after several weeks, it’s time to rethink.
Watch for these indicators:
- Low or zero showing requests
- No offers after numerous showings
- Feedback from prospective buyers
Being price flexible doesn’t mean you’re losing—it means you’re committed to selling. It can help you outmaneuver the competition and close more quickly.
In Conclusion
Selling a house on your own must not be a daunting task, especially pricing it. Knowing your market, doing your research on comps, and being honest with yourself on condition and time will enable you to price your home in such a way that will attract buyers and yield results.
Here at JCH Properties, we buy houses in Joliet and all around the Chicagoland region from homeowners like you. Whether your home is move-in-ready or requires a little TLC, we’ll give you a fair, no-obligation cash offer so you can bypass the listing and move ahead with confidence.
Ready to get started? Fill out our form or give JCH Properties a call today. We purchase houses in Chicagoland, where homeowners must sell quickly, fair, and stress-free.