Recently Sold Multifamily Homes in Chicago
Wondering what your home or multi-family property is worth? The simple answer to your question is that it’s worth whatever someone will pay for it. But how is that determined?
Say you’re getting ready to sell your three-flat. If you are looking to sell a property, you can determine a good selling price by looking at similar, recently sold properties in your neighborhood. This gives you an idea of a good listing price for your property that will generate interest from buyers.
Need to Determine Your Property Value?
Googling “My property’s value” will generate a lot of search results from all over the internet. Our Advanced Search feature provides a filter that allows you to view sold properties in any neighborhood in Chicago to provide an accurate picture of local property values.
If you’re a motivated seller with a listing agent already in place, they will use a database to help determine a good listing price. You can conduct your own search on sold homes, multifamily or condos in the area with these easy step-by-step instructions. on our website
1. Go to Advanced Search
Find the Advanced Search button on the top toolbar on our website or linked throughout our web pages.
2. Select “Sold Search”
3. Narrow your search:
To get an accurate picture of your property’s value, search for homes that are similar to it.
- Find the neighborhood of your property.
- If you have a residential multi-family property (two-flat, three-flat, or four-flat), select the “Multi-res” option under the Property Type category and choose the total amount of units below.
- To get a good read on the most recent property values, search for properties sold within the past 6 or 12 months under the “Sold Within” category.
- Enter the correct amount of bedrooms and bathrooms.
Results
Your narrowed search results will show the selling prices of properties like yours. If a number is in red, the property sold at or below the asking price. If it’s green, it sold for over the asking price.
Valuing a Multi-Family Property
A potential buyer for your residential multi-family will most likely compare your property’s current rental income with properties nearby. To see rental income of properties that have sold, you can select a home and look under the section “Additional Information.” The listing agent will usually list either the gross rental income or the separate rent for each unit.
If you own a residential multi-family, your property’s proximity to amenities like public transportation or shopping impacts its value for generating rental income, so it’s good to look at properties with similar accessibility to predict a good selling price. To get a better idea of where properties are situated, use the map view and click and drag.
What is My Property Worth?
Although our Advanced Search feature is a great start to determining your property’s value, it only takes into account the final numbers in an ever-changing market. A professional opinion from a licensed real estate agent can give a more in-depth look into the many factors that determine your property’s value, such as shifting market demands, fluctuations in price, and home valuation. If you want a concrete, accurate home value estimate, we would be happy to help. to get in touch with one of our seasoned real estate agents and get started.
