The Chicago metro area is in flux, according to Norada's most recent report. Though inventory and median home prices rose in June 2024, sales fell by a whopping 15 percent, making some buyers and sellers nervous about their prospects on the traditional market.
Fortunately, the traditional market isn't your only option as a Chicago-area suburbanite. Real estate auctions are a great alternative for both buyers and sellers in Schaumburg, IL.
How can you make the most of buying and selling auction properties in Schaumburg? Read on for our top real estate auction tips.
How Can You Find Auction Properties in Schaumburg?
Certain properties are more likely to go to auction than others. Commonly, auction properties meet one of the following criteria:
- They're under foreclosure
- The current owners have delinquent property taxes
- They're unusual or luxury properties with an above-average value
An on-the-ball real estate agent can help you track current auction properties. You can also check listing services like Auction.com, which specializes in bank-owned auctions.
Real Estate Auction Tips for Buyers
As a Schaumburg buyer, you're looking for the best the Chicago suburb has to offer. Including real estate auctions in your search is a great way to uncover hidden gems, but it does take preparation.
As a starting place, make sure you know how much house you can afford before you start bidding. Unless you're able to pay in cash, we recommend getting mortgage pre-approval to show that you're a serious buyer.
Next, make sure you learn as much as possible about the property before the auction begins. If possible, visit the house in person and get it appraised. This will eliminate any unwelcome surprises and ensure that you're bidding on a house you actually love.
Real Estate Auction Tips for Sellers
We have more than just real estate bidding tips to offer. Sellers can also position themselves to have a great home auction experience.
Believe it or not, you're going to want to follow some traditional selling tips even when putting your home up for auction. For example, small upgrades like a fresh coat of paint and light landscaping can make your home more appealing to auction buyers.
You may have noticed that we recommend that auction buyers visit the property in person before bidding begins. As a seller, that means hosting open houses or taking showing appointments. This is especially important when you're selling properties at a higher price point because it can generate interest with cash and luxury buyers.
Looking for More Chi-Town Real Estate Help?
The traditional market is still fluctuating here in Chi-Town, creating unpredictability for buyers and sellers. What if you want to see what's available outside of the traditional market? Real estate auctions offer an exciting way to find properties off the beaten path, from foreclosures to luxury homes.
At PMI Chi-Town, we offer a wide range of supportive services to real estate investors in the Chicago area. We're one of the only property management companies in Schaumburg to offer customizable services so you can get the exact support you need. Contact us to learn more about how we can boost your portfolio.
