Again, there is a great program out there that can allow you to literally "Live for FREE". Contact me and we can get you into a larger home while prices and interest rates are still low.
The best answer to your question are the answer to a few you have to ask yourself. Do you have to sell right now? Is there some compelling reason for you to sell right now?
If you're concerned about whether home sales could go lower and if you should cut your losses and leave now, that's probably not the best reason to sell. Home values in Rogers Park have really tanked. And that's putting it mildly.
There is still tremendous downward pressure on price, largely because of foreclosures. For two bedroom, one bath, attached homes, on any given month over the past year, half or more or the sales were bank owned properties. The average days on market has been 160 days. The average median price has been $97,000.
If you don't have an urgent reason to go, you should probably stay put. And even if you do, weigh your options carefully.
Prudential Starck Realtors
Great question...it is a tough market right now, but that being said people are buying in Rogers Park. The biggest factors are condition of the home, how the condo association is run and the pricing. You must price what the market will bear on the low side. What you and your husband own on the mortgage has nothing to do with the list price of the property.
Having sold 8 properties in Rogers Park and West Ridge in 2010, with 2 closing just within the last month I know the market and what buyers are looking for. With 3 properties under contract and the one in Rogers Park due to close next week, I know that it is possible to sell in this market when the property is priced right.
I also have 3 Rogers Park listings and one in West Ridge with a Rogers Park 3 flat about to come on the market next week. Showings have been very slow the last month, but with the spring market coming up and some price adjustments, I foresee these properrties selling too.
The Real Estate Industry foresees prices dropping a bit further this year due to rising mortgage rates and many more foreclosed properties coming on the market which will be your competition.
Now is definately the time to sell your home. Don't wait. It is time to move on.
You can reach me at my website for additional help.
Enjoy the day and Happy New Year!
If you feel you can find a buyer, the sale price, your existing mortgage amount and needed new down payment all work out within what you need, I would sell now and move on rather than wait. There are some pretty good deals in West Ridge these days.