UPDATED 2019
When I discuss pricing with home sellers in Winnetka and the North Shore, I notice that sellers have 
different expectations regarding their sale price. Motivated sellers are willing to list properly, hear my advice regarding the comps, and eager to move forward. Then there are those that are looking at building in "wiggle" room to their price to counteract and anticipate the dreaded low offer.
Does this accomplish anything? Yes - it increases market time and could actually net you less profit. The more a house is overpriced, the lower an offer will be tendered. I concede that even with a very well-priced home, an offer could still come in low. But that is a consequence of ill-informed buyers or their agent. A properly priced home will always have comps to support the list price.
So what do you think the average list price to sell price ratio is in Winnetka, Wilmette, Kenilworth, or Glenoce? 2%? 5%? 1%? At any given time, any of those percentages could be correct. In a hot seller's market, the percentage is low and sales are quick. In a slower buyer's market, the percentages can be higher and sales take longer.
We currently (most of 2016) have a buyer's market with an absorption rate of 9 months. Here is a snapshot of the year-to-date 2019 showing the sell price vs. original list price. Looking at the original list price is a more accurate way of gauging how much prices are padded.
Winnetka
Wilmette
Kenilworth
Glencoe
Northfield
According to these numbers, Wilmette has the best ratio, selling homes at an average of 93% of asking price and Glencoe at 88%. Wilmette has had a strong real estate market for several years and Glencoe has been in a slump this year (2019.)
Sellers of North Shore homes would do well to not overprice their homes thinking, worrying, and anticipating low ball offers. You never have to take a low offer, you don't even have to counter it. But the closer you are to your (and your agent's) desired price, the better the offers are with the added advantage of your home selling more quickly.
If you would like to discuss absorption rate or selling ratios, please give me a call! 847-977-6024!
While you're here, please see ALL NORTH SHORE HOMES FOR SALE
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Margaret Goss is a full-time real estate broker since 1998 working in the North Shore communities of Winnetka, Wilmette, Kenilworth, Glencoe, Northfield, Glenview, and Evanston.
She can be reached at:
Phone: 847-977-6024
Email: margaret.goss@bairdwarner.com
See her full BIOGRAPHY
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