How much is my home worth and what should I list it for
Well, first of all, your Zillow estimate probably isn’t your home’s market value.
Chicago is a city of micro-markets. A condo in Lakeview can behave very differently from a single-family home in Lincoln Park. Even two seemingly identical condos can sell for different amounts because of:
- What floor it's on
- The views
- Outdoor space
- Parking
- Monthly HOA, and what's included
- Building reserves and upcoming special assessments.
- Overall condition of the unit and the building.
- Schools
- Proximity to public transport
Don't make the mistake of looking at active listings. Those don't tell you much. You want to look at closed sale (those tell you where the market was), and contingent sales (where the market is now). If you don't see enough comparable properties, you can also look at cancelled/expired listings. Those give you an insight into a price that didn't work, and therefore you can avoid the same mistake.
The other mistake is relying on automated valuations (Zillow etc). The just look at what 3bed/2bath home sold for and give an average. One could need a gut rehab, and another could have been newly renovated. Those automated valuations can't tell the difference between the two.
If you're trying to estimate value yourself, start with properties that:
- Sold within roughly the last 3–6 months
- Are as geographically close as possible
- Are the same property type
- Have similar square footage, beds/baths and parking
- Are reasonably comparable in condition
Then look at the difference!
Chicago homeowners who have recently sold: What surprised you most when you finally learned what your home was worth?