Home Buying in Hyde Park>Question Details

Pin, Home Buyer in Chicago, IL

When is the best time for house hunting in Hyde Park?

Asked by Pin, Chicago, IL Thu Jan 31, 2013

My family will move to Hyde park in the summer and we are looking for 3 -4 br, 2ba and with parking. There are so few of them to see and I wonder is the market always like this or just because of the winter season? So when we should start serous house hunting, March, April? We need to close in June

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Edith Karoline Jasser’s answer
Oh I forgot to ask you what is your price range, and would you consider other areas in the larger
Chicago area? Since I do not know your price range, hard for me to let you know what is out there.
But yes in many areas we are low on inventory, that's why you should work with a Realtor who keeps
an eye on everything new that comes up. EdithDoesItRight@yahoo.com
By the way a Buyers agent for you the buyers is in most if not all cases of multiple listing properties free
to the buyer as they are paid out of the proceeds of the Seller at the closing.!!!!!!
here are the 3 properties I can see...'
NEW 5431 S Ellis Ave 8041 $320,000 7 4 2 2 Stories N
ACTV 5421 S Hyde Park Blvd 8041 $425,000 12 8 6 3 Stories N ACTV 5111 S Kenwood Ave 8041 $769,000

Get back to me if you need more help, and remember a good Realtor will be able to send you all
that comes on the market new or with a new price twice daily....
Edith

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
2 votes Thank Flag Link Sat Feb 2, 2013
Thank you for the great advise. The problem for my family now is that we are now living in New York City so we can't go seeing open houses easily. Our budget for condo will be below 600K and has to be in move-in condition. We can pay cash to speed up the closing.
Flag Mon Feb 4, 2013
If you need to close in June you should give yourself a good 6 weeks to close after you have found the right property and you signed a sales contract, so that will make it May June, then you need a few months
to even find the right property, look at several, get yourselves educated about the hyde park market...
So what you should do now is get pre-approved or at least pre-qualified by a local lender, and find the
right Realtor for you to work with. What I am suggesting is not working with a lot of different ones, a REaltor is like a family physician, you do not have 5 of them and every time you get sick you visit a different general practitioner NO you always first go to you one and only family doctor... So find the one
for you and commit to one Realtor who as your Buyers Agent will be your one stop real estate resource,
educating you about the market finding properties that meet your needs in your price range. So Februar
connect with YOUR one and only Realtor, and March April May are your searching months, move in in
June.....
I would love to recommend a good Realtor to you for the hyde park area, feel free to e-mail me.
EdithDoesItRight@yahoo.com
Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
1 vote Thank Flag Link Sat Feb 2, 2013
this afternoon is a good time..the market opens up around superbowl time..
1 vote Thank Flag Link Fri Feb 1, 2013
Pin,

Think about it....a seller that needs to sell and has already left the property is in a sutuation to absorb all expenses. These costs are greatest during the winter months and often find sellers weakened and more willing to negotiate their asking price. Conversely, coming out of the winter months, sellers often find confidence in knowing they have several months ahead of them during which to find a buyer on their terms.

Thus, IMO, we are presently in the best time to find a deal.....waiting until April may be allowing the seller to regain an advantage.....there's no time like the present. January through March are often ideal times for northern buyers to recognize value.

Good luck,

Bill
1 vote Thank Flag Link Fri Feb 1, 2013
It would be a good idea to interview a few agents to find one your comfortable with. Have them set you up on a property search so you can monitor the areas your interested in for now. Spring is a good time for you to get out there an look actively. Plan a few months before your ideal move in date.
0 votes Thank Flag Link Mon Nov 11, 2013
You should start looking as soon as you get your prequalification letter from the bank, provided that you also have your downpayment saved. Talk to your lender to discover if you will qualify for a low down-payment, or if you will need at least 20% down (assuming that you're not an all-cash buyer). If you're not currently working with an agent, please feel free to contact me, when you're ready:

Angela Andrews-Bailey - REALTOR, Broker
Baird & Warner, Gold Coast - Residential Real Estate
737 N. Michigan Avenue, Suite 1800
Chicago, Illinois 60611

312-953-6683
angela.bailey@bairdwarner.com

http://angelabailey.bairdwarner.com/
0 votes Thank Flag Link Sat Nov 9, 2013
Sometimes you can get great deals in the winter because sellers are more desperate. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sat Nov 9, 2013
I agree with everything Sam stated and want to add some sellers have valid reasons for wanting to sell before the end of the year for tax advantages, estate issues, etc. So negotiating for one of the fewer homes in December can become a bargain for a serious buyer. Many agents/sellers take their homes off the market in November, December and January so they can relist in February as a new listing. Always check full listing histories to be sure how long properties have actually been for sale. For more questions, UI can be reached at linda.ross@bairdwarner.com or 708-525-1951.
0 votes Thank Flag Link Fri Nov 8, 2013
Once Obama sells, and moves year round to the Vineyard, the locals will take that as a sign and being selling in droves.

Honestly, Hyde Park probably has, and has always had, Chicago's lowest inventory of homes on the market at any given time. And this precedes the record low inventories that many Chicago neighborhoods are seeing right now. There is simply a very tight housing supply there, especially if you are not getting an apartment. You couple that with the demand of people who love the vibe of Hyde Park, long considered one of the South Side's most vibrant (and safest) communities, along with those affiliated with the University, and you have the perfect equation for extremely limited homes on the market.

Hopefully, you already got started. And don't be bashful. Knock on doors. Wear a HOPE t-shirt, introduce yourself, and drop off a letter of intent to purchase the home. It isn't unheard of. Somebody might take you up on the offer.

Save the Point!
0 votes Thank Flag Link Tue Feb 5, 2013
Hello Pin
Its better to get a jump while time is on your side. The summer will come up quickly. I would recommend getting your pre approval in order with a lender and select a buyers agent that you are comfortable with. This way you will be prepared financially for the upcoming purchase as well as mentally. Start looking to see whats available so you are more familiar with the market
Good luck and if you would like to get started with the pre approval please feel free to contact me at your convenience. I would be happy to help
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Mon Feb 4, 2013
Hi Pin,Your right there are fewer homes for sale right now because of the winter.
However some people might need to move due to job transfer or relocating.
I would say to hire a good realtor like me to keep you posted on current homes for sale.
As we get closer to spring more hones will be on the market.If you like I will be glad to send you some homes in your price range. You can call me at 773-239-9400 during the week.If I am not in leave your name and phone # i PROMISE TO CALL YOU BACK.
0 votes Thank Flag Link Fri Feb 1, 2013
Thank you all for the quick comments. I am new for Chicago so your input helps me a lot.
0 votes Thank Flag Link Fri Feb 1, 2013
Keep in mind that you will need at least 30-45 days to close on the deal once you have an executed contract. Therefore for an early June closing you need to be under contract by early May.

#1) if you haven't done so already get yourself pre approved by a Lender
#2) work with a Realtor to help you identify the homes that meet your needs
#3) familiarize yourself with what is available now so that when the right property pops up you can act quickly.

Feel free to contact me should you need any assistance.
Web Reference: http://www.BJDHOMES.com
0 votes Thank Flag Link Fri Feb 1, 2013
It's best to have extra time, I'm sure you don't want to rush at the last minute. Also, most homeowners want to wait for spring to put their house up for sale, you might see more properties come March.
If you're getting financing you may be able to close in 30 days depending on your lender and if this is a cash transaction you can close in as little as 14days.

Good luck!
0 votes Thank Flag Link Fri Feb 1, 2013
You should start now. I work with buyers and tenants in HP on a regular basis, and there has been no time in the last year when there has been an abundance of inventory.
You should get familiar with the area, know what you can afford, have a pre-approval in hand, and be working with a professional. There is good housing stock there at a variety of price points, but it will move very quickly if it is priced right.
I am glad to help in your search, feel free to call or email me if you'd like to talk about the process and how I can help.

Davehanna@realtyexecutives.com or 773-732-9123
0 votes Thank Flag Link Fri Feb 1, 2013
Winter is always slower so inventory is minimal. Start now so that over time you can get a feel if you might need to adjust your criteria in order to come up with enough choices.
0 votes Thank Flag Link Fri Feb 1, 2013
I would start now precisely because inventory is so tight. Inventory is exceptionally low for this time of year across the city and it makes the search very difficult. In addition, Hyde Park is a weird market. You need to beware of dominant brokerages that may push their own listings. In addition, there are several sub-neighborhoods there with different pricing and the housing stock tends to be old with few updates and poor maintenance. It can be challenging.

We not only provide full service to buyers but we share our commission with buyers and that can provide you with thousands of dollars of savings depending upon your price point. Please call me at 312-738-0232 to discuss how we can help you further.
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Thu Jan 31, 2013
Any time you like. Visit my website at http://www.idealhomesinchicagoland.com and start looking now free of charge, with up to date information and no erroneous listings, like you might find on some of the realty websites that you might have used or encountered.
0 votes Thank Flag Link Thu Jan 31, 2013
You should begin looking in earnest now in order to close in June. Don't be discouraged if you don't find want you like right away. New properties come on the market daily. The MLS is updated at midnight, and if you look away for an instant your dream house may appear one day, and be in "Pending" or "Contingent" status the next. In other words, someone else will have purchased the home almost over night. I've seen homes come up, and go off of the market during the space of 1 to 3 days.

Finally, there are exceptional developers, who are building homes throughout the city, and Hyde Park is no exception...Take a look at everything that the city has to offer, including properties in Hyde Park, here: http://www.bairdwarner.com/angela.bailey

If you find something that you like, let me know, and I'll be happy to usher you through the purchasing process, and help you to close by your preferred date.

If you prefer to have me send some properties to you as they become available, send me an email with all of your criteria, to angela.bailey@ybairdwarner.com

Happy hunting!
Angela
0 votes Thank Flag Link Thu Jan 31, 2013
We are at a low point in inventory. When something good comes on the market, it sells quick. If you cant close for 5 months, I would say its too early.
0 votes Thank Flag Link Thu Jan 31, 2013
Hi Pin,

Hyde Park typically features slim pickings when it comes to houses for sale. And given the overall paucity of current inventory in the general Chicago market we are witnessing an even greater dearth of houses in Hyde Park. Sorry to be a downer. Will there be more houses in the next few weeks? I would expect as much. Six to eight weeks is the typical gestation period for a Chicago contract. With a June closing that puts your trigger date by mid April. There should be a few more places to consider between now and then. What's important is to know that when you see the house that meets your criteria, you will want to act quickly. It also is important to have a back up plan - either with respect to finding a rental or identifying other neighborhoods that will work for you.

If you want my insights, I invite your call or email.

Best of luck,

Tom McCarey
The Real Estate Lounge with @properties
More than $180 Million in Personally Negotiated Transactions
Expertise in Contract Negotiation, Luxury Home Marketing and Haiku Writing

tom.mccarey@atproperties.com
773.848.9241
0 votes Thank Flag Link Thu Jan 31, 2013
There are advantages to buying or selling in any season. For example, there may be more listings in the summer and spring, but you may be competing with more buyers if you submit an offer. In the winter there may be fewer listings, but less buyer competition. Feel free contact me to discuss further.

Sam Stewart

Sales and Leasing Consultant

Goldberg & Perl, Inc.
844 W Armitage Ave
Chicago, IL 60614
Office: (773) 477-9700
Cell: (773)930-8101
Fax: (773) 549-1956
sam@goldbergandperl.com
0 votes Thank Flag Link Thu Jan 31, 2013
Thank you all for the help. I will keep looking.
Flag Thu Jan 31, 2013
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