Home Buying in Chicago>Question Details

WP123, Home Buyer in Wicker Park, Chicago,...

I bought in Wicker Park in Aug 2013. How hard would it be to sell my place after 1 year? Would my leaving in 1 year scare off potential buyers?

Asked by WP123, Wicker Park, Chicago, IL Mon Feb 3, 2014

Help the community by answering this question:


Not at all! People move after a short amount of time for a variety of reasons. Buyers don't care how long you've lived there - they care how long your property has been on the market! Find an agent you trust with a solid marketing plan and strong data to support their price and your property will be under contract quickly. Hope this helps!
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1 vote Thank Flag Link Tue Feb 4, 2014
it will be easy to sell. supply is low and demand is high. you would get whacked with capital gains tax if you sell before 2 years of ownership. The market is going up, rents are also going up. depending on your situation, if you could rent it consider that option. If not, email send me your address and ill price it for you. MattHoytRealEstate@gmail.com
1 vote Thank Flag Link Mon Feb 3, 2014
So yes I read alot of the others agents comment and most are commercials for themselves. Wicker Park has a real lot of draw for buyers great nightlife, restaurants. To me it depends if you have a property in move in condition not cluttered and listen to the staging Ideas of the agent you choose. But please remember the ones with the big comments I call them commercials are usually so impressed with themselves they could care less what the property sells for or for that matter if you break even.

Best of luck with your sale.
0 votes Thank Flag Link Sun Feb 9, 2014
Dan, my lengthy response was due to me properly answering the homeowner's question. Did I miss your response?
Flag Sun Feb 9, 2014
The length of time you've spent in your home is not necessarily of much importance to a potential buyer. What will be most important to you is getting the right price for your property. While you may have the market working for you, you will have to take into account your commission costs and possible mortgage pre-payment penalty when determining your bottom line. Definitely speak with your lender to clarify all of the terms of your mortgage and then speak with an experienced agent about realistic pricing.
0 votes Thank Flag Link Mon Feb 3, 2014
This happens all the time. Wouldnt be hard at all. Get a good agent to help you out. Interview two or three agents and go with the one you mesh best with.
0 votes Thank Flag Link Mon Feb 3, 2014
The change of mind will not scare people. Give your listing agent a good reason why you are moving and they can relay it on, moving closer to work, moving in with a partner, relocating to another city.

The real issue is are you ready to have a net loss. You have not had time to recoup any improvements, closing costs, and the commission you will have to pay to sell using an agent. Historically, agents have revalue units up 12% every spring, but the market had not been typical since 2009.

Also, make sure you do not have a pre-payment penalty in your loan. You may need to hold onto the property for some any years due to your mortgage or pay to get out. You have some homework to do.
0 votes Thank Flag Link Mon Feb 3, 2014
Hi there,

Thanks for posting and although I'm not the first person to respond I hope you still consider my response. Couple things. Depending on what your place is like, its location, its size, its layout, the finishes, etc. your property may be very easy to sell as 2014's inventory is even lower than what it was in 2013. The buyer pool is also extremely strong right now - I was at my listing's open house this past Saturday and almost every buyer who came in said that day was their first time looking at properties. Larger, more updated units in great locations generally sell quickly if you price it correctly. In the end, I would need to physically view your home in order to offer pricing due to there being a lot of sold comparable properties in your neighborhood.

In regards to your last question everyone's situation is different so it's my opinion that only living in a place for 1 year wouldn't phase me. I bought a condo in 2012 and flipped it in 2013 because I could make good money off of it. I bought a new condo in Dec 2013 and am planning to list it in March 2014 so, again, living in a home for only a year shouldn't phase anyone and if I was working as your list agent and a prospective buyer brought up that thought I would easily be able to bring them back to reality.

To move forward message or call me so we can set up a time this week to meet at your home so I can create a custom market analysis for you and I can then discuss what I can offer for marketing.

Jeff Stewart
REALTOR®, @properties
3101 N. Greenview Avenue | Chicago, IL 60657
309-269-3499 CELL | 773-305-0480 FAX
0 votes Thank Flag Link Mon Feb 3, 2014
Wow, sorry for the lack of paragraph spacing...
Flag Mon Feb 3, 2014
Buyers won't mind since Wicker Park is a hot area and inventory is low. I don't think you'll have a hard time selling it if you don't overprice it. If you make a profit, you will have to pay capital gains taxes as you lived there for a short period of time.
0 votes Thank Flag Link Mon Feb 3, 2014
The good part is that housing values saw a significant increase in 2013 and market projections show the same trend for 2014. In fact, most experts anticipate an increase in sale prices of about 10%. Keep in mind that market value is determined by what a buyer will pay and nothing else. What you paid, how you paid for it, and your financial bottom line are personal considerations. The property being on the market after only 1 yea may concern some buyers, but having a good listing agent that is knowledgeable and hands-on can help alleviate those concerns. I would be happy to discuss helping you sell further. I look forward to hearing back!

0 votes Thank Flag Link Mon Feb 3, 2014
What you may discover is a buyer will identify a sale in such a short time frame as an owner in distress. This could attract a lot of buyers---- all hoping to exploit your misfortune.

Best of success, ------Annette Lawrence, Broker/Associate Remax Realtec Group, -------- Palm Harbor, FL------ 727.420.4041 ------http://FIrstLookHomes.us.
0 votes Thank Flag Link Mon Feb 3, 2014
Your selling after owning for one year shouldn't scare potential buyers. It will likely have an impact on your bottom line, as it'll be difficult to gain any profit.
0 votes Thank Flag Link Mon Feb 3, 2014
Alan May, Real Estate Pro in Evanston, IL
The length of your residence isn't relevant . The important issues will be condition of the property, amenities , and price. If you are considering selling the property please contact me directly.
Thank you 773-451-1229
0 votes Thank Flag Link Mon Feb 3, 2014
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