Selling Your home...Your Experiance During This Time

I work for my husband who is a real estate attorney - our take is that yes, prices have declined. So most Realtors we work with will say that as long as you are realistic about that, it should not be too difficult to sell your house. The flipside is that while you might sell for less than you would like to, the same will occur with your new purchase - there are lots of great buys out there. If you would like more information, feel free to call Mark's office at ###-###-####. He can also refer you to Realtors in the city that he's worked with before to help you with your sale. Hope this helps, email me at ____@____.com if you need to. Good Luck! -- C.

I really think it's all a matter of pricing really. I am not selling (buying actually), but I live upstairs in a house that just sold. The owners put it on the market sometime last year on their own, but very overpriced. They eventually took it off and listed with a realtor. It was listed at nearly $75K less than what they initially asked on their own. The house sold in about three months but for $37K less than asking price due to all the work that needs to be done. There is a house right next door that has been on the market for a year already this Spring, but despite the renovations they put into the place, they are asking way too much. Much more than people are willing to spend right now. We are currently in the city, near major expressways, public trans, two public schools, several private and five parks within walking distance, so one would think it wise to ask for more money, but it's just bad timing for sellers. Good luck in whichever direction you choose to pursue.

ugh! I am in teh city too and am trying to sell our condo.... it has not been an easy process. The problem with us, we're in a neighborhood where there is a ton ow new construction.
I don't know what to do. We too want to move to the burbs, but this selling process is so depressing.

Hi there,

We live in the city as well (Edgewater) and have been trying to sell our one bedroom condo for nearly a year with no luck. Initially, we tried to sell it ourselves, but with a new baby, that became difficult. So, we hired a realtor (@properties). She's held a few open houses and we've reduced the price a few times, however we haven't been able to sell it. Adding to the complications, we bought another place, so now we're paying double mortgages/insurance/assessments. We’ve been renting at a loss just to help pay the bills. My advice would be to hold off on buying a new place until you have a buyer for your current place. Hope this helps.

Hi! I have been trying to sell my two-bedroom, one-bath condo for several months now. I lost my job just before Thanksgiving, so I need the flexibility of renting, in case my freelance business doesn't fly. I thought it wouldn't be hard--the condo is a rehab, so it's all new, and it's right across from Bell School, which is really hard to get into unless you live in our neighborhood. And we're at the bottom end of the price range in our school district, which is one of the best in CPS. (My daughter and I are in the city--North Center/West Lakeview/Roscoe Village area.) But I've not had any takers. I'm selling it for only what I paid for it 1.5 years ago. And it has an even newer kitchen as of this February with granite, stainless steel... Anyway, I've been surprised that no parents have looked, just single people or couples without kids, since the school is such a big draw. I wish you luck, and if you find any great resources, please share them. I'm facing the expense of forsalebyowner.com next. (Right now it's just fliers around the area, a sign in the window and a listing on Craigslist.)

Hi M.S.,

As a Realtor, I can tell you the market is a little slow. There are buyers out there, but the problem is that there are so many houses on the market it's taking longer for houses to sell. If you are serious and patient, I'd advise you to put your home on the market now, and be prepared to wait a little bit for the offer that you have in mind to come through.

I've had a listing in Portgage Park (Chicago, IL) on the market since August. I've handed out fliers to the neighbors, conducted open houses, Broker's Tours, and we are finally having an offer today. It may not always be that way, but so far that's what's going on out there.

Be prepared to receive offer that are going to be a lot lower than what you want and/or need to sell your home. People are doing this because of the way the market has been and they thing that people are desparate to sell and will take anythig just to sell their home. Don't do that. Stand firm on what you're looking for regarding a price. It may take a bit, but the seriouse buyers are out there and most of them with their Realtors.

If I can be of further help give me a call at: ###-###-#### or email me at: ____@____.com luck,

J.
C21 Dustan-Herman

My husband is a very experienced realtor who makes a wonderful living - which is not easy in this market!! He actually had his most lucrative year in 2007 and his business keeps thriving. However, we have had our house (in Chicago) on the market for almost a year with no biters - and we are priced more than 60k under the appraised value. Just goes to show that you never know what can happen!!!
I think location is more important than price. People will be more willing to pay for what they want if it is in the right neighborhood. And, there really is something to be said for having the right listing agent. Best of luck (and let me know if you need any help - my man is the best!!).
T.

we were going to do the same . When we started looking alll that is out there pretty much is foreclosures alot of condos but everything seemed to need work or alot of updating, we live in the burbs wanted to go west a little. Also contigent is a big factor now, so we decided to stay put at least until the election is over make sure you get at least 4 market values on your house they say its about 200 days that houses are on the market also watch out for how long they want you to sign a contract to sell your house some real estate offices want 6 months. Not the usual 90 days good luck

We live in the city and are being relocated by husbands job to another state and have had to put our condo 3/bed 2/bath on the market. We bought it three years ago as new construction but b/c of the market are listing it 17,000$ below what we bought it for. So far there have been some showings but no offers yet. Basically if you don't absolutely have to sell right now I would say don't.

Hello, Actually, this is a good time to buy in the suburbs. that's if you can sell your home in the city!! My fathers home was just sold in Tinley Park. However, we had to knock a substantial amount of money off the asking price. We sold a 3 BD house on an acre for only 240,000. You cannot touch a house in the city for that. Good luck to you and Happy house hunting!!P.

Hi, my name is L. & I am a realtor with Coldwell Banker (LaGrange office.) I have been very busy right now, especially with buyers wanting a good deal. It is a great time to buy. The only homes that are selling are the lower priced homes. If you are buying & selling it's kind of a wash. Sell low, buy low. I don't think the market in the city is as bad as the suburbs but your property has to stand out from all the rest. There are sooooo many for buyers to look at, definitely enough so that if yours is overpriced in this market, they may never see it. Just concentrating on the hundreds of properties that are at the lower end & which to choose out of those. There is definitely more sellers than buyers so if you want yours sold it must stand out for it's condition & price. Not one or the other. Also I read that somebody said to only do a 3 month listing agreement with a realtor. That is a bit unreasonable because even if you did get an offer you accepted in 3 months, it can take a couple weeks to a couple months to close. Especially when someone is buying a condo. The banks have been getting very strict (as they should with the amount of foreclosures) & they see a condo as a risk so it takes a little longer for the loan officer to secure that loan. I've had to push dates to make it work & that is true for people with good credit & money down.
To wrap it up for you, if you're buying & selling in a buyer's market or seller's market, it's a wash. If a seller is expecting to sell at the same inflated prices we were seeing a few yrs. ago, it's not going to happen. It's not even that homes are depreciating but we're getting back to a normal level of growth (appreciation.) What happened a few yrs.ago was so unheard of & did not follow any patterns historically & now many many people are in trouble. When I interview for a listing & do a comparative market analysis, I pull properties in the very close area that have sold in the past 3 months, very recent. And I will tell people what to price it at to sell & if there is anything they can do to make it more attractive to buyers. I will not overprice to get the listing & then have no activity on the property & then have to explain why not to you. I don't determine market value, the buyers out there right now do. If you have any further questions, I would love to help. Just call ###-###-####. I have worked as far west as Plainfield, Aurora and as far east as the loop. North, south, usually whatever my clients need. I hope to hear form you!
Sincerely,
L. Clemente