Financial Fellow

Written by J.P. Wicklein

     I closed on the sale of my home late last week (a one bedroom, high-rise condominium in Chicago).  The total market time from listing to closing was just over 5 months.  I unloaded it in the worst real estate market in years, during the winter, and at a profit.  Here’s how I did it: 

·      Brand new kitchen:  Selling my condo as quickly as I did, and for a profit, wouldn’t have been possible if I didn’t remodel my entire kitchen.  I installed granite countertops, maple cabinets, wood laminate flooring, a stainless steel sink, and added a dishwasher.  (I already had a newer stainless steel refrigerator and stove.)  I also knocked down a wall to open the kitchen up.  (Doing the entire remodel for under $10,000 greatly enabled me to sell my condo at a profit.)  Based on feedback I received through my realtor, the remodeled kitchen drove my eventual buyer to make an offer. 

·      Staging:  My updated kitchen matched a modern look I adopted throughout my condo.  I already owned modern looking furniture which I accentuated by adding a pair of contemporary airlift stools and artwork on the walls.  The existing Berber carpet and wood laminate flooring also helped to solidify the modern appearance. 

One of the most important elements of staging my small, one bedroom condo was to create as much open space as possible.  To accomplish this in the living/dining room I used small end tables instead of a coffee table.  Doing so enabled me to leave the middle of the room free of furniture.  I also freed up space by using a pub table instead of a traditional dining room table.  In addition to taking up less space, the pub table contributed to the modern look. 

·      Wall-mounted, flat screen TV:  Few things accentuate a modern theme better than a flat screen television.  I chose to replace my old tube television with a new, 40” LCD TV.  To take it to the next step, I paid $150 to have professionals mount the television on the wall.  That eliminated the need for an entertainment center (freed up floor space). 

·      Several small price cuts:  My realtor and I adopted a strategy of several small price cuts ($500 - $2,000) instead of a few larger ones.  Each price cut caused the Multiple Listing Service (MLS) to update my listing with a “price change” status.  Typically, properties that undergo a price cut will see an uptick in traffic immediately afterward.  That held true for my condo.  In my case, the frequency of price cuts proved more valuable than the amount of each price cut. 

·      A very good realtor:  Having an experienced, competent realtor is invaluable.  In addition to providing input on pricing strategy, my realtor made several staging suggestions and served as an excellent salesman.  In addition to talking up my condo he also effectively sold my building, the association, the location, and the neighborhood.  His straight-forward, honest approach combined with his engaging demeanor made perspective buyers feel at ease. 

     No doubt about it, the current real estate market is very difficult for sellers.  That said you can take steps to increase your home’s sale price while reducing market time.  I can’t guarantee the steps I mention above will help you sell your home but, I think they’re worth considering. 

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