This blog came about because I recently toured a home for sale that was beautifully renovated and exceptionally clean and well maintained. The problem was that it was right on the Metra tracks, land locked w/ no parking. When reviewing the comparables to establish the homes value, we had to significantly consider these factors. Here are the 5 most common characteristics that we find negatively effect a homes value in Chicago:
1.) Lack of natural light
2.) No parking
3.) On or very near the EL/Metra
4.) Bad floor plan / small rooms
5.) Located on a busy street
The effect on value varies as the degree to which the property is subject to the above. If your property has 1 or more of these characteristics, don’t worry - there is still a buyer for every home! You’ll just need to play up the homes strengths more, especially in the marketing and photos, and minimize the downside(s). Often these homes experience longer market times. Just be prepared for this and as always, price it competitively and make it show exceptionally!
If you enjoyed this article, please consider sharing it!
What Is YOUR Home Worth?
