5 Things Homeowners Should Know About Their Property Before They Decide to Sell

You don’t need to be ready to put a “For Sale” sign in the yard to start thinking about selling.

In fact, some of the most useful conversations we have with homeowners happen months before they’re ready to list.

Understanding a few key things about your property can help you determine whether selling makes sense, what your next move could look like, and what—if anything—you should do to your home before putting it on the market.

Here are five things worth knowing.

1. What Is Your Home Worth Today?

You probably have a general idea of what you paid for your home and may have seen an online estimate of its current value. But neither necessarily tells you what a buyer might actually be willing to pay today.

A real estate agent can look at recent comparable sales, current competition, your home’s condition, location, updates and other factors to help you understand its potential market value.

And remember: real estate is hyperlocal. What’s happening across Chicago—or even within your neighborhood—may not perfectly reflect what’s happening with homes like yours.

2. How Much Equity Do You Have?

Your home’s value is only part of the equation.

Your equity is essentially the difference between what your home is worth and what you still owe on your mortgage and other liens against the property.

Understanding your approximate equity can help you begin thinking about how much you may have available after a sale and what that could mean for your next move.

For homeowners who purchased years ago and have seen their property appreciate while paying down their mortgage, the answer may be surprising.

3. What Should You Fix Before Selling?

This is one of the biggest questions we get from sellers.

Our answer is generally: yes, there may be things worth fixing—but don’t start spending money until you have a plan.

A broken dishwasher, damaged fixture or visible ceiling stain could affect a buyer’s impression or become an issue during the transaction. Those may be worth addressing.

A major kitchen renovation just because you’re thinking about selling? Maybe not.

At IRPINO Real Estate, we can walk through your home with you and help identify what we’d recommend repairing, updating or simply leaving alone. And because of our construction knowledge through IRPINO Construction, we can also help you better understand what may be involved in making those improvements.

4. What Are Homes Like Yours Actually Selling For?

Don’t just look at the house down the street that sold for a huge number.

Was it the same property type? Similar size? Similar condition? Did it have parking? Outdoor space? An updated kitchen? Was it on the market for three days or three months?

The most useful comparable sales are the ones that actually resemble your property.

Understanding those sales can give you a much more realistic picture of where your home may fit in the current market.

5. What Would You Do After You Sell?

This one isn’t technically about your property—but it’s an important part of deciding whether you’re ready to sell it.

Where are you going next?

Are you moving up to a larger home? Downsizing? Heading to the suburbs? Relocating? Do you need the proceeds from your current home to purchase the next one?

You don’t need to have everything figured out yet, but understanding your options can help determine the right timing and strategy for your sale.

You Can Start Planning Before You’re Ready to Sell

Talking to a real estate agent doesn’t mean you’re committing to putting your home on the market next week.

Sometimes the best first step is simply gathering information.

At IRPINO Real Estate, we can help you understand your home’s current value, approximate equity, recent comparable sales, potential repairs or improvements, and what the path from your current home to your next one might look like.

Then, whether you decide to sell next month, next year—or not at all—you’ll have better information to make the decision.

Starting to wonder what your next move could look like? Send us a message. We’re always happy to talk through your options. Get in touch today.