It Ain't All Big Hair and Cadillacs

I have had a number of clients contact me recently asking when is a good time to list and sell their property? Traditionally around the holidays, the market tends to be slower - fewer buyers are looking, however, there are motivated buyers in the market at all times of the year.

Needless to say, consumers are being bombarded with media reports stating that the real estate market is in the tank - getting worse by the day. Bottomline, all real estate markets are local. They respond to the factors relevant to the local economy, strength of the job market etc.

Chicago real estate is doing okay - while inventories are up, property is selling. For properties that have been on the market longer, sellers are realigning expectations with market conditions. Market times are longer with the availability of inventory at a high. For motivated buyers, this is an opportunity to find more within your price range than has been the case in several years.

To answer my sellers' question - when is a good time to sell / list my property? I tell them list your property to sell when you are truly motivated to sell and move on. That may strike many as an obvious answer, however, the answer assumes that sellers understand the nuances of the current market.

First step prior to listing - determine the facts. What have similar properties SOLD and CLOSED for in the past 3 to 6 months? Recent past sales are generally the best indicators for what the value of your property will be. While that may be the best indicator, the ultimate sale price of your property will be determined by what ready and able buyers will put in writing when they submit a contract. In many cases some negotiating will allow both buyer and seller to arrive at a mutually acceptable price.

What is key to selling your property in a timely fashion is pricing your property at a reasonable and appropriate price. Regardless of the time of year, there are always motivated buyers. Truly motivated buyers will write offers on property that is appropriately and reasonably priced. While current market conditions currently indicate longer market times, it is not unreasonable to expect that appropriately priced property will sell more quickly.

Clearly there are some buyers currently in the market seeking deals and may be motivated to write a "low-ball" offer. Understand not all buyers have the same perceived value of a property. However, if multiple buyers write offers that are in the same of similar price range on a property that is significantly lower than your perceived value, the market is telling you something. Under current market conditions, you may not have the luxury of multiple buyers - you may likely only get one buyer. If you are not priced appropriately, you are likely to have NO buyers.

Again, past sales are the best indicator, however under these market conditions, buyers may be establishing new perceived values due to the available inventory. This is an important factor to consider when you are ready to sell. If you are not ready to listen to the market, you are not ready to sell.

Again - with some understanding of the current market conditions, list your property when you are truly motivated to sell - and be prepared to listen to the market.

3180 N Lake Shore, Unit 4A was recently showcased by Dennis Rodkin from Chicago Magazine as being one of Chicago's deal of the week. Dennis spoke about this property this morning at 8:40am on WGN.

Check it out!

http://www.chicagomag.com/Radar/Deal-Estate/November-2007/This-Week-on-SpikeaNovember-14-price-cuts/

11/9/2007 2:17:00 PM Email this article • Print this article
Waguespack rejects Orloff garage
Alderman says size, neighbor opposition influenced decision

By TIMOTHY INKLEBARGER
Editor


Web Extra!

A controversial parking garage proposal by a luxury car dealership in Bucktown was rejected today by 32nd Ward Alderman Scott Waguespack.

The four-story garage proposed for the corner of Cortland and Hermitage by Howard Orloff Imports was already turned down by the Bucktown Community Organization's zoning subcommittee and the East Bucktown Neighbors, a group that formed earlier this year in opposition to the proposal.

"The community as a whole was vehemently against it," Waguespack said. "They had concerns regarding the damage the project would have done to the predominantly single-family neighborhood, and that's something I can't ignore."

Orloff has argued the garage would help consolidate its fleet of Jaguars, Land Rovers and Volvos that are now stored at various parking lots throughout the neighborhood. Orloff representatives could not be reached by press time.

Orloff has said the company still can build a smaller garage under the existing zoning, but it will not include many of the enhanced design features community organizations have bargained for under the four-story garage proposal.

Philip Edison, chairman of the BCO zoning committee, said the full membership has still not weighed in on the company's request for increased zoning.

"It was rejected [by the BCO zoning committee] really for the overall reason of the building is just too big," Edison said. "We felt the benefit the Orloff guys were getting from a zoning perspective was greater than the benefit the public was getting from the improvements of the garage being there."

He said his committee would reconsider its vote if the car dealer agrees to bring the building down a level by excavating or taking one story off the top.

"We do believe that the idea of building a garage and bringing cars in, rather than having them spread over the neighborhood, would have been improvement," he said.

CONTACT: timinklebarger@chicagojournal.com

Real data regarding the real estate market in Chicago for October, 2007 is not doom and gloom. According to ChicagoCondosOnline.com, based on year to date figures compiled through October, 2007, the city unit sales are down 6% YTD, but the good news is median sales prices are UP 5% compared to 2006.

For detailed charts on Month Over Month and Year Over Year: Go now to:

http://www.chicagocondosonline.com/marketoverview.html

As I advise all of my clients, when hearing and reviewing the data regarding home sales and the overall real estate market, it is very important to maintain proper perspective. When comparing 2007 sales to 2006 sales, one must keep in mind that real estate transactions were historically high in 2006. A 6% decrease in real estate sales in 2007 compared to 2006, a historic year for transactions, that number is not all bad.

If you are looking to purchase a new home, now is a good opportunity to look and purchase. The inventory of available properties is high and selection is at its best. Not only is selection high, interest rates remain at historically low rates. While the sub-prime mortgage collapse has impacted the mortgage business, it has not impacted credit-worthy buyers with substantial downpayments.

If you are looking to sell your home, the key is be patient and realistic. Market times are high because the inventory of available competing properties is high. If you are motivated to sell quickly, you must be realistic with your asking price. Contrary to what you may hear on the news or read in the paper, home/condos are selling. As is the case under any market conditions - properly priced property generally sells in the shortest period.

TRAC PRESS CONFERENCE A SUCCESS

Reyna Luna and John Kane speak at the TRAC Press Conference with this message: "Take Property Tax Hikes off the table"

The Tax Reform Action Coalition (TRAC) PRESS CONFERENCE at City Hall succeeds in bringing our message:

TAKE PROPERTY TAX HIKES OFF THE BUDGET TABLE

Now you can carry the message even farther.

CALL YOUR ALDERMAN
Click here to find you Alderman

CALL YOUR COOK COUNTY COMMISSIONER
Click here to find your Commissioner

CALL MAYOR RICHARD DALEY
312-744-3300

CALL PRESIDENT TODD STROGER
312-603-6400


STOP TAXING US OUT OF OUR HOMES

As a result of politics in Springfield, homeowners in Cook County will receive minimal and short-lived relief. The property tax increases proposed by Mayor Daley and President Stroger could eliminate any miniscule tax break. TRAC demands that these proposed property tax increases be taken off the table.

For more on the Tax Reform Action Coalition visit www.trac-il.org

PASS THIS EMAIL AROUND
MAKE THOSE PHONE CALLS
TODAY

PROPERTY TAX BILLS
Expect your tax bills to go out in the mail during the first week of November.

Your second installment PROPERTY TAX BILLS will be due December 3, 2007.

THERE IS NO BETTER TIME THAN NOW TO DEMAND REAL PROPERTY TAX REFORM

TRAC calls for FAIR and PREDICTABLE PROPERTY ASSESSMENTS.
LEARN about a better plan for real property tax reform:

ACQUISITION BASED ASSESSING = FAIR and PREDICTABLE property assessments

Learn about TRAC's campaign to implement ABA at the Cook County level.

For information contact: trac.president@gmail.com


ABA = FAIR and PREDICTABLE