Market Conditions in 60626>Question Details

Lily M., Both Buyer and Seller in 60626

How long until I could sell in Rogers Park?

Asked by Lily M., 60626 Thu Dec 30, 2010

I have a 2 bed 1 bath condo in a family oriented building of 12 units total. It was rehabbed in 2002. I know there have been a lot of foreclosures/short sales in RP, but we are a family of four and need more space. Should I sell now or wait?

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Randall Lancaster’s answer
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0 votes Thank Flag Link Fri Mar 15, 2013
Lily,

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.

Mark Malave
773-435-1605
Web Reference: http://www.markmalave.com
0 votes Thank Flag Link Tue Jan 11, 2011
Lily, the answer to your question will vary from person to person, but the way I see it is you should find out what you can expect to sell your condo for, and research prices of larger condos or homes in the neighborhoods you would like to live in. If you could afford the switch, then do it. You may take a hit on selling your condo, but you'll most likely be making a great investment in the new place you buy. A perfect example is a client of mine that bought a condo 5 years ago bought for 169k. She put in around 20k of work into it just after, and we now had it listed for 129k. She's taking quite a loss on it, but I keep reminding her that the homes we are looking for now that cost 150k, 160k, cost around 300k when she was buying that condo. She'll basically be upgrading from a condo to a single family home for not much more money. Plus, in the ten plus years she plans on living there, the value of that home should increase significantly. Hope that helps :)
0 votes Thank Flag Link Tue Jan 11, 2011
If you really need more room, then you should find a way to move. This time don't make a mistake and buy a condo. If you are serious, contact me about my "Live for Free" buyer's program and I will show you how you can live for free in 2011.

Regards,

Mark Malave
773-435-1605
0 votes Thank Flag Link Thu Jan 6, 2011
Hi Lily,

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.

Good luck.

Jack Jentzen
Prudential Starck Realtors
(224) 234-5276
0 votes Thank Flag Link Mon Jan 3, 2011
Hi Lily,

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!

Ellen
Web Reference: http://ellenbaren.com
0 votes Thank Flag Link Fri Dec 31, 2010
Trying to sell anything in RP is a bit rough these days. Values really escalated in the boom and have dropped in similar staggering amounts in the bust. As Gene mentioned, sale and purchase prices will probably end up being a wash for the most part. Obviously there will be some differences depending on where you move to.
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.
Good luck
Web Reference: http://www.aic-chicago.com
0 votes Thank Flag Link Thu Dec 30, 2010
If you are selling and buying it should be a wash regardless if prices increase or decrease.

Say you can sell for more a year from today...you would likely be paying more too for the house you are buying.
0 votes Thank Flag Link Thu Dec 30, 2010
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