This is a no-brainer, but Clean the House! Chances are, if this is a home you have lived in for years, the cleaning process may be a job for many hands. Rope in family and friends to help you out (that’s what friends are for, right?). Have them bring over extra mops, duster, rags, etc. so you can spread out and cover more rooms quickly. Wash windows, dust ceiling fans, scrub tiles – make the place look like new! (This can also be accomplished by hiring a cleaning service to make regular visits while you’re home is on the market.)

Many of the properties for sale in Chicago right now are new construction homes. These never-been-lived-in residences are your competition, so it’s important to make your house or condo feel as fresh and new as possible. While deep cleaning does a world of difference, sometimes bleach and elbow grease just aren’t enough. You may need to invest in a few minor repairs. For starters, anything that is broken should be repaired or replaced. You may not notice everything that needs TLC right off the bat because you are so used to seeing it, so go through the house with a fine-toothed comb and look for fixable flaws. We’re talking everything from burnout light bulbs to cracks in the walls. Depending on how serious the problem is and how handy you are with home improvements, you may need to hire professionals to do the work.

One more critical step to get the interior of your home ready to sell is painting. Give walls a fresh coat of paint, preferably in a neutral color that will appeal to a wide range of home buyers. This will also help give your place a bright, unmarked appearance that is comparable to all those new construction Chicago homes for sale. The expense of cleaning, getting things fixed and painting will pay off later on when buyers see a great Chicago house for sale that is in move-in condition!

Clean up the exterior and make that curb appeal work for you! Your yard and the outside of your home is the first thing buyers will see upon visiting the property. If you live in a condo building there may not be much you can do to enhance the landscaping, but even little things like picking up litter and debris will give the buyer an impression of cleanliness and a sense that the property is well taken care of. Ask your association if it’s okay to plant some flowers near the entrance and find out when the next regular outdoor maintenance is, so you can plan open houses for when the building is looking its best.

Much of the housing in Lincoln Park is high-end single-family homes, new construction condos or rehabbed flats. The average market time for a home in Lincoln Park is around 95 days with an average sales price in the mid $500,000s. There are currently about 160 listings for detached single-family homes in the Lincoln Park neighborhood. These houses vary in price from $550,000 to the multi-millions. As for attached properties, you’re looking at roughly 650 units up for sale with asking prices from $150,000 to $5 million+ (that better be some penthouse!).

The Loop is also doing well when it comes holding value. The average market time in the Loop is approximately 80 days with an average sales price in the low to mid $400,000s. The type of Chicago homes for sale in the Loop is limited purely to attached units (like condos, lofts, penthouses, etc.). You’d be hard pressed to find a single-family house in downtown Chicago! There are currently about 670 units listed on the market in the Loop with prices ranging from below $150,000 to over $5 million.

Chicago homes in West Rogers Park (also called West Ridge) have an average market time of around 115 days. For the most part, prices for current listed properties in this area range from under $100,000 to $500,000. There are about 100 attached units for sale in West Rogers Park and 621 detached properties on the market in this Chicago neighborhood right now. In Edgewater, the average market time is about the same as in West Rogers Park but the average home sale price is slightly higher at around $265,000 as opposed to $250,000. Number of active detached property listings in Edgewater is only 35 or so, but the number of attached units up for sale in this Chicago neighborhood is nearly 650.

So, in addition to hiring a Realtor, here is a list of five very basic, but very important things you should be aware of when looking to buy a home in Chicago.

Prior to even looking at properties for sale in Chicago, buyers need to figure out how much house you can afford and the amount of mortgage loan you are qualified to receive. To do this, this first step is getting prequalified. Find a lender – this can be your bank, the local credit union, a mortgage company, or other financial lending service. The lender will then use your social security number to run a credit score report, which produces a general idea of how much you can spend on a Chicago home. Your lender will also give you a prequalification letter, which is useful later on when you want to make an offer on property. A word from the wise: you can usually get prequalified for free, so shop around.

The next step is preapproval. This is more official than prequalification and takes a deeper look into your financial standing. To get preapproved, your lender will need the previous year’s W-2 tax form, your most recent payment stub and bank account statement, plus additional documentation if you own your own business, have alimony payments and investments, or are originally from another country, etc. As in prequalification, you will also get a letter from your lender saying you are preapproved for a certain loan amount. The letter makes you more appealing to sellers because you are already preapproved for a mortgage and it gives you good negotiating power.

Here are a few things to look for when searching for a condo or house to buy in Chicago:

Proper insulation is key! We’re talking attic and wall insulation and double-pane windows with really good seals. This will ensure heat stays in during cold weather months and air conditioned air stays in during those sweltering Chicago summer days. Tinted or treated window panes can also help deflect harsh sun rays and keep your home cooler. Basically, the better the insulation, the less your heater and AC have to work to maintain a comfortable climate. And, in the long run, you save money on gas and electricity bills.

Speaking of electricity, there are specially made appliances that use less power to run and have energy-saving modes, which will also reduce utility costs. Low-flow shower and toilets can reduce water consumption, and many manufacturers make eco-dishwashers and washing machines that use much less water than the traditional models. Even plumbing fixtures and sink faucets are designed with water-conserving features these days.

So when thinking about buying a house in Chicago, research what types of energy-saving characteristics the homes have, or talk with developers about adding energy-efficient elements to your floor plan.

Before the new transfer tax was instated, Chicago home sellers had to pay $1.50 per $1,000 of the property sale to the county and state. So, on a condo that sold for $200,000, the seller would previously have had to pay $300. Now, the seller is accountable for another $600 on top of the $300. And the buyer still needs to shell out $1,500 in transfer taxes when buying a $200,000 condo or house in Chicago.

Why raise the real estate transfer tax at all, you ask? The city was looking for a way to assuage the Chicago Transit Authority (CTA) funding problems. Income from the new tax is used to supplement the city’s transportation department, which would have had to shut down bus routes otherwise.

For one, it’s harder to market your home if you’re on your own. Realtors are equipped to advertise properties online, in print publications and on signs – usually for a bargain price – because they have “frequent users” rates. These discounts are then passed down to clients, ultimately saving you hundreds of dollars at a time in some cases. In this day and age, when the Internet is the ultimate marketplace, you need to get your property listing on the web to get the prime home buyer audience. An agent not only has the ability to put your home on the main real estate database for northern Illinois, but also has the means to prominently place your listing on popular real estate web sites that are accessed by the general house-buying public 24 hours a day.

A Realtor helps people buy and sell homes for a living – it’s their job. So they have the time to do showings, get marketing materials made, hold open houses, negotiate purchase offers, etc. As a FSBO, you would be responsible for everything on your own time – in addition to doing your regular job! A professional agent will also assist you in determining an appropriate asking price for your Chicago property. This can be tricky to determine, especially in a buyer’s market when inventory is high and house hunters can afford to be picky. Agents know how to read the local market and comparable home sales to establish a price that will attract buyers, yet get you the most money for your Chicago home.

There isn’t much in the Loop for $200,000 right now, but for the most part you’ll find studios and one-bedroom condos or lofts with one bathroom listed in the $200,000 price range (give or take $5K). Square footage ranges from 550 to 800, and the building type could be high-rise condominiums or rehabbed lofts. Assessments generally cost between $200 and $380 per month. Street parking may be available, but a unit with garage space is hard to come by and would most likely cost extra.

Rogers Park has a lot more properties for sale in the $200,000 price range than in downtown. This northern most Chicago neighborhood is dotted with two-bedroom condos listed for $200,000 (plus or minus $5,000). These $200K Chicago homes for sale in Rogers Park include newly renovated loft spaces and condo conversions (equipped with modern upgrades like granite kitchen countertops and natural hardwood floors throughout). Many of the properties are located in older courtyard complexes or low-rise brick buildings. Assessments hover around $150 and parking is limited to mostly street spaces.

On Chicago’s south side, in the Morgan Park neighborhood, you can find a refurbished four-bedroom bungalow or two-story, sided house for $200,000. These private Chicago houses are a great deal for families because the properties also include your own backyard.