The bottom line is that until the "SOLD" sign is displayed on your home, it isn’t really worth anything. This seems like a false statement, but the property value is just a number. There is always the possibility that the bid you receive is not in the price range you were expecting, and if this happens, you have to know the next step. Lower the price? Wait a little longer for a better offer?

Of course you want the most accurate estimate of your home, and for about $300 you can hire an appraiser to do just that. Certified Chicago appraisers take into consideration any additions or improvements to the home, lot size, available views, school districts, etc. It is always best to let a professional take part in the pricing process so you can get the absolute best value estimate. If you don’t know where to start, ask your real estate agent or a mortgage lender for a referral.

There are a lot of For Sale By Owner sellers that take a guess on the value of their home, usually a little higher than it actually is, and potentially scaring buyers away. Everyone wants to sell high, but jumping the gun on a high price because you think it MAY be worth, may just end up hurting you in the end.

It is also a good idea to have your home priced in competition against similar homes in your neighborhood. If people see two comparable properties, they are more likely to start with the less expensive property and make decisions on their spending flexibility from there. A Chicago Home Estates agent will be glad to assist you in determining your home's worth by placing a request to determine your property's value.