My bad Elvis.
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.
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.
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.
The Real Estate Lounge Chicago with @properties chicago
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!