Frequent Peoria Seller Questions

What types of issues must a seller disclose when selling a home in Illinois?

When selling your home, you (the seller) and your broker (if you have one) are responsible for disclosing any known issues that could materially affect the value of the property. More specifically, disclosure must include items, which may not be obvious to the casual observer, such as a cracked foundation, of which you, as the homeowner, have knowledge.

When dealing with the sale of homes, the seller is usually required to provide an Illinois Residential Real Property Disclosure Report, which identifies the current condition and history of all physical aspects of the home, and Lead-Based Paint Disclosure, which is relevant to any homes built in or before 1978. 

What are the most common contingencies found in a purchase offer?

In either contingency, the outcomes may vary. A deposit can be forfeited if the buyers renege on a sale for reasons other than those contained within the contract agreement. If the seller does not fulfill his or her responsibilities (e.g., clear title not given, agreed-upon repairs not made, substantial changes to the property effected before closing), the purchase again, may be forfeited or other consequences may occur.

How can I get my house to sell faster?

There are numerous factors that go into how promptly a home sells. Generally, a house sells most quickly when it has been well maintained and priced similarly to other houses selling in the area in a healthy sales market. Also, if your home has been remodeled within the past ten years, you’ll find it will not only sell more quickly, but will also top the prices of your competitors in your neighborhood. Request a copy of our Creating Curb Appeal for low-cost ways to make your home most appealing.

How do I set the selling price for my home?

How much home improvement is too much?

There are high-return improvements that will generally recognize a higher sales price, such as kitchen, bathroom and master suite remodels. But other less-obvious upgrades may not have such significant returns. And remember, we can let you know which are the most effective home improvements in the Peoria real estate market. It’s not a good idea to start a major remodeling project just before putting your home up for sale. You probably won’t recoup the money you spent remodeling.

What should I do if my neighbor just sold their home for a lot more than I’m asking?

It’s not uncommon for houses in the same neighborhood to sell at different prices. Location is just one of the components that factor into home pricing. Before raising your asking price, consider other factors, such as age, features, size, style, and any recent additions or remodeling you may have made to your home. You’ll quickly find that the difference in price is reasonable. If there is no discernable difference between your home and your neighbor’s, consult your real estate agent about considering an adjustment of your asking price.

Is there a “best” time to sell my house?

In a word, yes. The ultimate selling factors are, of course, supply and demand and general economic health. Another factor is the month in which you list your home, which can actually net you a higher selling price.

On average, the real estate market begins to pick up in February. The strongest selling typically occurs during the spring months from March through May. Interestingly, July is one of the slowest months of the year, mostly because home buyers and sellers alike depart on summer vacations.

Should I use a real estate professional?

Yes! A professional agent will help you determine the best price for your home. They are experts at negotiating the best deal for you. Having a professional’s invaluable expertise will make every aspect of the transaction easier, from financing to the purchase contract.

What is the MLS?

MLS stands for Multiple Listing Service. When a real estate agent is a member of the MLS, s/he has the ability to be part of any aspect of a home purchase or sale. In otherwords, even if a property is listed with Company A, it maybe be sold by an agent working at Company B.

If you, as the seller, list your property with a real estate agent who is a member of MLS, you’ll give yourself the added benefit of having more agents aware of your listing.