💰 The High Cost of Overpricing Your Home in Today’s Market

It happens all the time.

A seller sees their neighbor list at $350K, figures their house is nicer, and decides to price at $375K.
The problem? The neighbor’s home sat for 73 days and sold for $330K.

Overpricing might feel like you’re “leaving room to negotiate,” but it usually leads to fewer showings, lower offers, and a longer time on market.

Let’s break down the real cost of aiming too high when it comes to listing price.

📉 1. Fewer Showings = Less Momentum

Buyers shop online first. If your home is priced above similar listings in Peoria, Morton, Washington, or Dunlap, it might not even make the “favorites” list.

That means:

• Less foot traffic

• Fewer offers

• Stale listing = lower perceived value

In today’s fast-moving market, the first 7–10 days are your best window to attract serious, ready-to-write buyers.

💸 2. Price Reductions Raise Eyebrows

When a home sits too long, buyers start wondering:

• “What’s wrong with it?”

• “Why hasn’t it sold yet?”

• “How low will they go?”

Even if your home is beautiful and well-maintained, an overpriced listing starts to carry baggage—and that perception hurts your negotiating power down the line.

🧠 3. You Can’t “Trick” the Market

Buyers (and their agents) do their homework. They compare:

• Square footage

• Updates

• Lot size

• School district

• Recent sold comps

If your home is priced 10–15% over market value, they’re not going to make an offer—they’ll just move on. And if you’re lucky enough to get an offer, it might not appraise, killing your deal in underwriting.

🕰️ 4. The Longer It Sits, the Lower You Net

Let’s say you list at $375K instead of the recommended $349K.

You get:

• 1 showing the first week

• Crickets after that

• A $335K lowball offer on Day 42

• Stress, frustration, and potential carrying costs (mortgage, taxes, insurance)

Meanwhile, had you priced at $349K, we might’ve gotten multiple offers in the first weekend and driven the price up organically.

Overpricing can actually cost you thousands in net proceeds.

✅ 5. Strategic Pricing = Stronger Results

Smart pricing isn’t about underselling—it’s about positioning your home to attract the most attention right away.

With the right:

• Pricing strategy

• Staging

• Professional marketing

• Local exposure

…you get more serious buyers through the door—and that’s what drives better offers.

Real Talk from an Agent Who’s Sold 1,000+ Homes

I’ve been doing this for over two decades in Central Illinois. I know this market inside and out.

My goal is never to undersell your home—it’s to get you top dollar by pricing it right the first time.

Let’s chat about what your home is really worth, and how to list it strategically.

📞 309-200-5480
🌐 CallDuvall.com

#CallDuvall #JimMaloofRealtor #PricingStrategy #PeoriaRealEstate #TazewellCountyHomes #WoodfordCountyRealEstate #SellSmart #RealEstateTips #HomeSellingMistakes #CentralILHomes

🏡 Central Illinois Homes with Finished Basements: The Hidden Gem Buyers Overlook

In Central Illinois, we know one thing for sure:

👉 The basement isn’t just for storing holiday decorations and tornado warnings.

A finished basement can be one of the smartest home features to look for—and one of the best investments a seller can highlight. Yet many buyers gloss right over it, distracted by kitchens and curb appeal.

So let’s talk about what you’re really getting when that lower level is dialed in.

🎮 1. Extra Living Space—Without Paying for a Bigger House

Finished basements often add 500–1,000+ square feet of usable space that doesn’t always show up on property tax records or MLS square footage. That means:

• Lower price per square foot

• More room for your lifestyle

• Increased resale value over time

Want a second living room? Done.
Need a kid zone or teen hangout? No problem.
Looking to host game day without rearranging the living room? It’s perfect.

In a competitive market, that extra square footage gives you more flexibility—and more bang for your buck.

🛏️ 2. Guest Suites or In-Law Quarters

Many homes in Peoria, Washington, Morton, and beyond include basement bedrooms with egress windows and even full bathrooms.

That’s ideal for:

• Extended family stays

• Airbnb potential

• College kids returning home

• Multi-generational living (common in today’s market)

And since the space is already finished, you’re saving thousands vs. adding onto the home later.

💼 3. Work-From-Home or Hobby Space

Let’s be honest—the dining room office was never built to last.

A finished basement gives you:

• A quiet home office

• A craft or art studio

• A home gym or yoga space

• A music room with fewer noise complaints

And with today’s hybrid work schedules, homes with designated workspace areas are more in demand than ever.

🌧️ 4. Year-Round Comfort in Midwest Weather

Here in Central IL, the weather loves to keep us guessing:

• Sweltering heat in July

• Blizzards in February

• Tornado watches in April

A finished basement becomes your temperature-controlled hideaway—cool in the summer, warm and cozy in the winter. It also adds a layer of peace of mind during storm season.

🛠️ 5. Look Beyond the Paneling

Some finished basements feel dated—think wood paneling and drop ceilings. But don’t write them off.

Those spaces are:

• Structurally complete (huge head start)

• Easy to update with paint, lighting, and flooring

• Far more affordable than starting from scratch

You can modernize a basement faster (and cheaper) than you can a kitchen or bath. It’s all about vision.

Looking for Homes with Finished Basements?

Whether you’re dreaming of a movie room, workout space, or in-law suite, I’ll help you spot the true value behind those basement doors—and avoid the money pits.

Let’s tour some options this week. You might be surprised how far your budget goes.

📞 309-200-5480
🌐 CallDuvall.com

#CallDuvall #JimMaloofRealtor #PeoriaHomes #FinishedBasementFinds #CentralILRealEstate #TazewellCountyHomes #WoodfordCountyRealEstate #HiddenHomeValue #BasementLiving #RealEstateTips

🧠 Mortgage Myths That Might Be Holding You Back from Buying a Home in Central IL

Think you need 20% down?
Worried your student loans disqualify you?
Think you can’t buy unless your credit score is perfect?

You’re not alone—and you’re probably wrong.

As a real estate broker who’s helped hundreds of buyers in Peoria, Tazewell, and Woodford counties, I hear these myths every week. And unfortunately, they keep great people stuck in the rent cycle longer than necessary.

Let’s bust the big ones—so you can move forward with confidence.

❌ Myth #1: You Need 20% Down to Buy a Home

Truth: You can often buy a home with as little as 3% down.

There are even 0% down options available through:

• USDA loans (many parts of Central IL qualify!)

• VA loans (for eligible veterans and active military)

• First-time buyer grant programs

Yes, 20% down helps you avoid private mortgage insurance (PMI), but waiting to save that much can cost you more in rising prices and rent.

Let’s look at your situation and explore the smart options available right now.

❌ Myth #2: Student Loans Mean You Can’t Get a Mortgage

Wrong again.

Lenders understand that many borrowers—especially younger buyers—carry student loan debt. It doesn’t automatically disqualify you.

Here’s what matters:

• Your debt-to-income ratio (DTI)

• Whether your loans are in deferment or repayment

• Your overall credit and job stability

A good local lender will help calculate what you can afford and what programs you qualify for—even with student loans.

❌ Myth #3: You Need Perfect Credit to Buy a Home

Nope. While a higher score = better rate, many buyers qualify with scores in the mid-600s.

FHA loans are designed for buyers with lower credit scores or less traditional credit history. Even if your score isn’t ideal, I can connect you with lenders who will help you get mortgage-ready—not just say no.

❌ Myth #4: You Should Wait Until Interest Rates Go Down

Waiting sounds logical—until you do the math.

If rates drop, competition rises. That can mean:

• Higher prices

• More bidding wars

• Less room for negotiation

Meanwhile, you can always refinance later if rates improve. But waiting could cost you the home you want now—and delay building equity.

❌ Myth #5: You Can’t Buy If You’re Self-Employed

Totally false.

Yes, the process is a bit more paperwork-heavy. But if you’ve been self-employed for 2+ years and can document your income, many lenders are happy to work with you.

I work with trusted local loan officers who understand how to help small business owners, freelancers, and gig workers buy homes.

Knowledge = Power (And Homeownership)

Don’t let bad info keep you from taking the first step. If you’re renting or unsure if now’s the right time to buy, let’s talk.

I’ll give you honest advice and connect you to a lender who’s more coach than calculator.

📞 309-200-5480
🌐 CallDuvall.com

#CallDuvall #JimMaloofRealtor #PeoriaRealEstate #TazewellCountyHomes #WoodfordCountyRealEstate #HomeBuyingMyths #FirstTimeBuyerTips #CentralILHomes #MortgageHelp #BuySmart