John this is a really hard question to answer, as I do not have enough information.... Usually the reason for selling is a financial one, or one does not want to own it anymore. You are saying that it is a two unit brick row house... So you are living in one and renting the other or it is just rental / investment property for you?
The condition of the unit, the age, the upgrades, the rent current tenants pay, all will play into your decision what will make more sense... I do not even know what you still owe to the bank, the taxes, the rent you receive per months etc. so very hard to answer your question what makes financially more sense. The most important question to answer yourself is why do I want or need to think about selling?
And the other one is that nobody can really give you a good time frame on when the market will change, pick up and value will go up, during that waiting period you will have to maintain the property and insure it, and have it rented.... So feel free to e-mail me with a little more information (how large are the two units
2 bedrooms 2 bedrooms etc., garage yes not?) ....
But selling now will not only take time, but you will have to sell it for less than you may have predicted 3 or 4 years back.... Waiting for value to appreciate again, may take another 5 years, potentially.
Feel free to e-mail me directly if you want more input.
Edith Karoline YourRealtor4Life!
Working always in the very BEST interest of her clients....
if you know of anyone who is thinking about buying or selling real estate in Chicago or any of the N and NW suburbs and the Northshore, send them my way, they will receive 1st class real estate service. I promise!
I live/work in Chicago and the area is still a little rough in pockets. There are a fair amount of undeveloped rental units with section 8 housing. There are parts of the West Loop that is stunning what they have done over the years but the immediate area by the UC is questionable still.... more