Home Selling in Lakeview>Question Details

Ryan Fischer, Both Buyer and Seller in Chicago, IL

Thinking of selling in Lakeview East-any timing speculators out there?

Asked by Ryan Fischer, Chicago, IL Wed Jun 4, 2008

Hello all, I am thinking of selling my condo in Lakeview East. Its a 2b/2b duplex down in an older but exquisite buiding made up of 7 or 8 units. I'm thinking of selling between oct '08 and mar '09. I love the area--I am a short walk to the lake and the el, and very close to the new Wholefoods. I understand there will be more development in the area (although not as fast as I would like). My question is very open-ended, and maybe I'm just having a conversation with myself. But here it is... Is there any advantage to putting on the market toward end of '08 versus early '09? Does anybody have a strong feeling that I should hold onto the property if possible? And maybe there is not enough trends we are seeing to speculate, but I thought I would throw it out there.

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I forgot Elvis we are in 2 totally different areas of Chicago even though both on North Side of city. Far NW is almost strictly SFH's as opposed to alot of condos near the lake. This would be why Summer is very busy over here and not by you because the single people or couples with no kids are enjoying their Summers and not trying to find a home before the kids go back to school. LOL

My bad Elvis.
0 votes Thank Flag Link Sun Jun 8, 2008
That's what I mean Elvis, my broker has collected numbers from all the opens in our office for the last 10 years or so... here in Chicago Open Houses like clockwork every year start to fill up the Sunday after Superbowl and then rise to the peak in April and May. In May, June and July the amount of people out starts to decrease. Aug thru October there is a gradual decrease each month until Thanksgiving when things die and the process starts over the next Sunday after Superbowl.
0 votes Thank Flag Link Sun Jun 8, 2008
I'm no expert, but I don't think my Lakeview condo would attract many families with kids in schools. In any case, I'm willing to explore the possibility.
0 votes Thank Flag Link Sun Jun 8, 2008
Ryan you should try to get it into showing condition before Fall. Sept. is when the number of people starts to dramatically fall off due to kids being back in school, etc. Your best time to be on the market is from the Sunday after Super Bowl until beginning of Aug.
0 votes Thank Flag Link Sat Jun 7, 2008
Thanks all! If we think we can get our place in show condition by end of summer (will be difficult) we might give it a shot. Ken, you are correct that the area is pretty diverse, as I am seeing large range when doing my comparables.

I would be looking to interview 2-3 realtors in summer. If the numbers work out right we would consider putting it on the market. We are still discussing that, but as I mentioned, much of it would depend on the math.
0 votes Thank Flag Link Sat Jun 7, 2008
Hello Ryan,

Your neighborhood is made up of a mix of housing stock that includes condos, single family homes and professionally managed investment property along with live-in investors looking to rent out a couple of units in a 3 flat. That can provide you with options.
1). Hold onto the place and rent it out to someone looking to live in the area if it makes financial sense to you.
2). Put the property on the market in August and look for a buyer actively in the market or a renter who is looking to get out of a lease at that time and become a homeowner for the first time.

If marketing for sale or rent during August/September/October or November doesn't yield the results you require, take it off the market for 3 months and avail of the Spring market traditionally commencing February or March 1st. That way you've two opportunities to market your home. If it doesn't work out for you in the fall of 08, you've got Spring of 09. Make sure to review comparables so as not to time the market right but get the price wrong as nobody has a crystal ball for either of these timeframes.

Good luck, Ken.
Web Reference: http://www.KDRchicago.com
0 votes Thank Flag Link Sat Jun 7, 2008
Ryan,
The Chicago spring market commences in January. The only reason to place your home on the market this fall (late August) is to determine if Chicago will experience a strong fall market. In the past the segment of time from mid August to right before Thanksgiving has been extremely strong. However, this has not been the case for the past three years. Will this fall be different and return to the historic trend? Possibly. You could place your home on the market for a period this fall - if it sells, you are set. If it doesn't, remove it from the market right around the presidential election in November, take it off for 90 days and relist in mid February. Remember, right priced properties sell! I expect the next spring market to be more robust than this spring market was. But things still do sell. Whether your place will sell in a timely manner will depend on price, timing and, of course, specifics such as square footage, finish quality, assessment amount, address, whether you have parking, layout, amount of natural light, and how the real estate professional you select positions the listing to reach the broadest swath of the consuming public.

Good luck with making your decision.

Tom McCarey
The Real Estate Lounge Chicago with @properties chicago
0 votes Thank Flag Link Thu Jun 5, 2008
Hi Ryan,
If you are not ready to sell before Oct '08, then I advise you wait until Spring market of '09. In Chicago, Spring market begins as early as end of January/early February, OR right after the Superbowl is perfect time to put your condo on the market. This fall could show a bit of a slower market due to Presidential election fall. Too, if you wait until Oct, and just before Holiday season kicks in, people will think you have to sell and may low ball you with offers! Activity can really slow through the holiday season. Many of my clients, if they are on the market in the fall, will take their listings temporarily off the market from Thanksgiving until after holiday season, or about mid January, to avoid the low-ball offers. There is just this old school idea that if a home is on the market in the winter, the seller must be desperate, even if it is so far from the truth, which it usually is. So if you DON"T have to sell, wait until Spring market '09 which should prove to be a good market, as things are doing well I would say now in 2008, our markets are steady, with no true declining markets, and in some pockets of Chicago, we are even seeing solid appreciation! Not the same as the heyday pre Fall of '06, but Chicago has proven to be a solid market, holding steady. The company I work for has actually had record breaking sales these last two years in a row! That says a lot in a changing market ( which for Chicago was fueled by National media, but not the true reality here in this great mid-western town of Chicago! And you should do very well with a 2/2 duplex down in a smaller building in East lakeview. Those types of units are most popular! Good luck to you! Very smart to ask this question!
0 votes Thank Flag Link Wed Jun 4, 2008
If you don't need to move within a certain period of time I would wait until the spring. There tend to be more buyer's in the spring time and the fact that you're close to the lake will also be more appealing in the spring time.
0 votes Thank Flag Link Wed Jun 4, 2008
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