Home Selling in 60615>Question Details

First-Time H…, Home Buyer in Chicago, IL

Looking to possibly sell a 3 bed 2 bath condo in Hyde park.

Asked by First-Time Home Buyer, Chicago, IL Sun Aug 7, 2011

What's best? rent or sell. Will I lose a lot of money if selling? I bought a little over 2 years ago and would like to know the best options. How much is the general selling cost out of pocket?

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Condos are selling in HP I just closed on a 2bedroom, 2bath in July. I have 2 others listed that are generating a lot of attention from prospective buyers. I am unable to comment on if you would lose money because I don't know your individual sitution. Depending on how close your unit is to the University of Chicago and it's amenities listing now may be a good time to attract students, faculty of the college or the hospital. There are a lot of parents that will pay cash for a unit if it's close to UofC. Email me to discuss your options.
1 vote Thank Flag Link Sun Aug 7, 2011
In selling you have closing costs and a possible contribution to the buyer for their closing costs. It is best to contact a realtor to run a market analysis for the area and than go from there. Renting out
your property would be based on how much rentals are going for in the area, vrs your expenses if
you have a mortgage payment, taxes, association fees, and possible additional expenses. Weigh
both and see which would be best for you.
0 votes Thank Flag Link Tue Jan 29, 2013
The condo market has not come back as quickly as the single family market. You need to find a good agent in your community to give you a current market evaluation, go over your finances and get your best options. I am thinking that because you are in the are of UofC area renting may be a very good option. The market is slowly coming back and if you rent your place out for a few years your may eventually be in better shape to sell.
0 votes Thank Flag Link Tue Jan 29, 2013
I would think that the rental market in Hyde is quite strong and the rental prices have gone up considerably. That being said you need to find a good agent in your neighborhood to give you a current market evaluation and sit down with you and go over your finances and your best options.
0 votes Thank Flag Link Tue Jan 29, 2013
Hello I would suggest getting a comparative market analyst from 1 or 2 realtors of your choice. Then you will have a general idea of what your property is worth. If your property is a little under value it may be better to rent until you can make at least a 10% percent return !
0 votes Thank Flag Link Mon Aug 8, 2011
Hello,

Truly, without specifics of your scenario it's hard to say what's most beneficial for you. Without knowing what you paid, owe, location and surrounding amenities all our responses will be general.

That being said, I agree with Monique, there are plenty of parents looking to purchase for their student child. I have had several looking for the right unit at the right price.

I'm available this week if you would like a free market analysis.

Good luck!
0 votes Thank Flag Link Mon Aug 8, 2011
Hi,

My name is Sharron Kelley and you can see I do direct marketing on this web site. I have been selling in Vernon Hills for 15 years and know the market well. My office Coldwell Banker is right outsidie on Milwaukee Ave and one on 22 in Buffalo Grove. You have a very good question and it would really be best to talk directly on this. My direct cell is 847-980-0426.
0 votes Thank Flag Link Mon Aug 8, 2011
Hi, please contact me @ 773 551 6554 or tatiana@conlonrealestate.com. I would like to discuss it with you. Regards. Tatiana Perry
0 votes Thank Flag Link Mon Aug 8, 2011
You have not built enough equity into the property and in Chicago value has gone done considerably. I would have a market analysis done on your condo and also consider the selling costs which can also be done. Ask for a market comparative on rentals in the area and see if that will cover your mortgage and other expenses or take the chance and try to sell your unit. Debbie Bergthold-Smith Classic Real Estate 708-267-5552
0 votes Thank Flag Link Sun Aug 7, 2011
Happy to assist. Feel free to contact for more info. Thanks - Bernie
0 votes Thank Flag Link Sun Aug 7, 2011
Hi,

It depends on your situation. What building its located in? The price that you paid, the balance that you owe and the sale price of other similar units in your building. If now is not a good time to sell there is a very strong rental market in Hyde Park if your Association permits. I am very familiar with Hyde Park and have done business in the area. If you want a free market analysis pleas feel free to contact.

Regards,

Terry Perdue
773-443-8155
0 votes Thank Flag Link Sun Aug 7, 2011
In addition to the analysis for the market value should you decide to sell your property, you should also get a rental value should you decide to rent the unit instead. There are financial values to owning (mortgage interest deduction, property tax deduction) AND there are tax values for renting a unit (in effect becoming an investor). You can deduct the depreciation value accoring to a specific IRS schedule of depreciation. When you work with an agent, make sure they can help you evaluate the financial aspects of BOTH options. Should you decide to rent, work with an accountant and make sure the accountant is categorizing the property into four values: land, building, land improvements and personal property. Personal property has a HUGE depreciation value and might be missed if the accounting just uses Land and buildings.

I don't work Hyde Park but if you want to talk about the options with an unbiased agent, I would be happy to chat.

Jody Wise
Prudential Rubloff
773.572.6531
0 votes Thank Flag Link Sun Aug 7, 2011
Hey there,

It's actually pretty easy to find out what your condo's value is. Let me know what time you're available this week for me to stop by, take a look, and I can search to find out what other comparable condos are selling for.

It all depends how much you used as a downpayment, what your loan amount currently is, and what your neighbors' condos are selling for.

Again, you have my contact info and it honestly takes a half hour! After we figure out what other homes are selling for, you can make the decision on if renting or selling is the best fit!

Jeff Stewart
REALTOR®, @properties
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL
jeffstewart@atproperties.com
0 votes Thank Flag Link Sun Aug 7, 2011
Chances are that if you bought 2 years ago you will lose money because prices at best are flat and mostly down everywhere in the past 2-4 years. You should have a couple of agents do a market analysis to see just what it looks like, but if you can rent then you are luckier than most and it might be a good option if you need to move.
If you look at the closing statement you received when you bought you will see what the costs are to sell, but it is mostly based on the price.
0 votes Thank Flag Link Sun Aug 7, 2011
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