Home Buying in 60637>Question Details

Name, Home Buyer in Chicago, IL

Would someone please explain to me the HUGE markup of properties in Hyde Park and Kenwood by the local and?

Asked by Name, Chicago, IL Sun Nov 9, 2008

mean local (those located professionally in Hyde Park and Kenwood) of the properties. For example( and there are many- not just an isolated few), homes listed for $1,200,000 actually sell for $800,000 and homes listed for $1,500,000 sell for $1,000,000? Another $850,000 sold for $625,000. I have always heard that you price your property close (95-99%) of your list price. Why do they jack their prices up so high? The sell at 70-89% of list price. Houses in those neighborhoods stay of the market for YEARS (more than one- two and three years). (And this was so before the current economic crisis. Why is this going on and why don't out -side realtors know about this game? Please explain this horrendous markup in prices? Isn't it better to price the property closer to what it will actually sell for than to do is stupid mark up game? When are the realtors and homeowners in Hyde Park and Kenwood going to get real? (And,

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Oh, please, this has been going on for years before he moved here.
0 votes Thank Flag Link Mon Nov 24, 2008
Obama is the answer, they are trying to capitalize on his election, but the market will only bear what it will by supply and demand
0 votes Thank Flag Link Sun Nov 9, 2008
property as well as all commodities, are only worth what someone is willing to pay.

if you feel the property is not "worth" the asking price, look elsewhere
0 votes Thank Flag Link Sun Nov 9, 2008
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