How to Overcome the Buyers’ Perceptions of the Chicago Market Downturn

Housing sales in Chicago have taken a dip in the third quarter. In fact, industry financial reports have estimated that housing sales are down 19.6% from last year. During the third quarter, 26,258 homes sold in Chicago; last year at this same time, 32,672 houses were sold.

Evaluating behavioral patterns to sell your home in a downward market

How can a homeowners interested in selling their home fight these down-sliding real estate statistics? Geoffrey Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois commented, “The main issue for the real estate sector stems from consumer perceptions about the direction of home values.”

A “for sale by owner” or FSBO seller needs to focus on ways to overcome the consumer’s perceptions of the real estate market. The key to overcoming these negative hurdles is to understand the buyer’s psychology and behavioral patterns.

An easy behavioral pattern to capitalize upon is to reach the consumer directly with your Chicago FSBO home selling efforts. 80% of perspective home buyers begin their initial search for a home online – long before they ever contact a realtor. More and more potential homebuyers are realizing that the internet provides them with a convenient way to search for the perfect home.

Psychology: the rule of successful sales

In order to successfully sell a home, a FSBO seller needs to take “a quantum leap forward.” This phrase means that a seller needs to understand the psychological motivations a potential buyer has, and then capitalize upon those motivations through smart marketing.

For example, a FSBO seller that is close to major highways needs to market the convenience for commuters. A home that is close to a reputable school district needs to use this as a major “attention-grabbing” selling point. Use your home’s best features to draw the buyer’s attention to your home or property – this will increase the value of your Chicago FSBO home by triggering their psychological motivations.

A negative consumer perception can be realigned psychologically with positive phrasing, suggestions, and news. A consumer may be interested in purchasing a home, but may feel leery about investing in the downward market. Advertise your Chicago FSBO home in positive light that makes the consumer think that your home is a “great deal,” which will overcome their hesitations.

Hitting home with potential buyers

Currently, internet advertising is one of the most effective ways to market and to sell a FSBO home. By understanding how a potential buyer searches and finds a perspective home or property is one way in which a seller can overcome the consumer’s perceptions.

A Chicago for sale by owner seller needs to take advantage of the flat fee real estate program. The flat fee MLS program allows an FSBO seller to capitalize upon the best and most successful home-selling advertising strategies. Included in the flat fee real estate in Illinois program is a one year MLS listing, strategic internet advertising with Realtor.com, and professional yard signage – the three most powerful tools that realtors use, but at a significantly reduced costs that will save you thousands of dollars.

A Chicago FSBO seller can create a website that advertises their property seven days a week. Instead of waiting for office hours or the weekend, for sale by owner’s website can provide an instant open house 24/7 through virtual tours. Interested buyers can then contact the Chicago FSBO seller directly to set up a tour or learn more about the property.

A for sale by owner property should take advantage of the flat fee real estate program. Not only will you save thousands of dollars, but you capitalize upon a powerful marketing campaign that psychologically and behaviorally overcomes the buyer’s hesitations in the downward market. A MLS flat fee program gives you the strategic tools you need to successfully sell your home.

Derek Vanderpool, Managing Broker