Home Selling in Oak Park>Question Details

Voterfrog, Home Seller in Oak Park, IL

I want to sell my Condo in Oak Park, but am not wanting to necessarily list the condo on the market, as I do not want 2 accumulate DOM.

Asked by Voterfrog, Oak Park, IL Tue Oct 13, 2009

I am in no hurry to sell; it would just be if there were an enticing offer.

Help the community by answering this question:

Answers

2
Hi,

If you're not motivated and in a hurry to sell, it's probably not worth wasting your time and effort to keep the condo in showing condition... There are 341 condos currently active on the MLS in Oak Park, and only the ones that buyers perceive as bargains are being snatched up. Prices are down 10-20% from where they were at the peak in 2005-06, and buyers are very savvy on this fact.

The vast majority of buyers are working with their own agent, and that agent may or may not know to search the "for sale by owner" listings.

Market time (days on market, DOM) has less importance today than it had in the past... the average market time for condos in Oak Park is currently 209 days. There are many reasons for this high average including being overpriced, poor showing condition, and lack of exposure/marketing. The Pych Team at RE/MAX in the Village has an average condo market time for 2008-2009 of about 90 days, well under the area average.

For a no cost, no obligation comprehensive market analysis and details of our marketing plan, contact us via the website below. The Pych Team, "Your #1 Pick!" No one will work harder for you.

Laurie & Kyra, The Pych Team
RE/MAX In The Village, Realtors
1 vote Thank Flag Link Tue Oct 13, 2009
FIrst off, let me acknowledge Laurie's answer, I would love to improve on it but to be honest I don't know that you can. I know Kyra (Laurie's business partner) personally and she is a very professional and knowledgable agent. The only thing I would add would be that if it is possible for you to rent out your condo, you might consider that. If that in fact allows you to make the move that you desire.

There are draw backs to this approach espescially if you are not willing to be a landlord. The truth is that being a landlord isn't for everyone and it could possibly make things worse if you don't go in with your eyes wide open. The other obstacle to this approach would be financing your next purchase. If the sale of your
condo would be the only way for you to come up with a down payment or if the your debt to income ratios are tight this could make it difficult to obtain a mortgage. Don't listen to the media there are banks out there that are lending you just have to meet their criteria.

If you would like to talk more about this feel free to email me at ckrohe@weichert.com or visit http://www.weichertnickelgroup.com. I would love to offer you an exclusive Price Trend Analysis for your condo in the event you do decide to move forward with the sale. I hope to hear from you soon. Good luck with your decision.

Christopher Krohe
Weichert Realtors-Nickel Group
708.848.5550
0 votes Thank Flag Link Thu Oct 15, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer