Market Conditions in 60631>Question Details

Kris, Home Seller in Edison Park, Chicago,...

We have a home that's been on the market for quite a long time. Should we rent it and then relist later?

Asked by Kris, Edison Park, Chicago, IL Tue Mar 11, 2008

Single family home in Edison Park. Nothing "wrong" with it - but haven't gotten any offers and we're getting anxious. Is it better to have it off the MLS for a little while and then bring it back "new"?

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Keith Sorem’s answer
Stop the music!
Where is ELVIS?
The market is tanking....are you high?
Price it to sell..or take a loooonnnngggg four or five years....
Look at the stats...I may be crazy but...
0 votes Thank Flag Link Sun Nov 9, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
It sounds like you want too much profit. Keep the house, enjoy, not a good time to sell.
1 vote Thank Flag Link Mon Mar 17, 2008
Renting it and listing later is a good option but you may also want to have your current realtor give you a market update on prices for similar homes around your area so that way you can adjust the price accordingly if you do have to sale.
0 votes Thank Flag Link Sun Nov 9, 2008
Do a home owner financing option--it is called seller asist--the new buyer will pay you the apprasied value through a third party note holder-- you discount the note to the note buyer and take a 10% second--you will receive approximately 78% of the appraised value--the note buyer is not a bank and can approve buyers down to a 600 credit score
I have a company that will do this for you--
call me at 773.620.0026 if you want more info ---
jim hough
0 votes Thank Flag Link Sun Nov 9, 2008
do a lease option with a potential buyer
0 votes Thank Flag Link Sun Nov 9, 2008
Having a low MLS number when current homes have a higher number is a caution for many potential buyers. Taking the house off the market, having a professional home stager come in and make staging suggestions as to showcasing the home and following those suggestions. Then re-list the home, with a realistic price and proper staging any home will sell.
0 votes Thank Flag Link Thu May 8, 2008
Perhaps the 1st question to ask is whether you need the equity from your current home right now? Then how low can you go down from your current asking price without having to bring money to the closing table? It's a good time to be a landlord in general because many who would like to buy cannot for lack of down payment and/or insuficient credit to qualify for a new loan. Good luck in your decision and please let me know if I can help...
0 votes Thank Flag Link Fri Mar 21, 2008
I like that Sierra mentioned staging...not a bad idea. Now that we have the facts (22 mos. on market) I would for sure look into renting. While I was trying to rent it I would also keep it for sale. Whatever happens first happens.

Our comments were based on you sitting through a rough winter....not knowing that you were also on market last spring. You're not alone out there. Stage it....try to sell.....try to rent as well. If you're going the rental route throw it on Craig's List.

Good Luck....hope something happens soon!
0 votes Thank Flag Link Thu Mar 13, 2008
Hi Kris,
I'm really sorry to hear that your property is listed for 80,000 less than what originally was listed for. If you absolutely have to sell, then you need to get at least the main rooms staged by a professional.
0 votes Thank Flag Link Thu Mar 13, 2008
It's actually been on the market, listed with a realtor, for almost 22 mos. It was originally priced appropriately, and we have been dropping the price, so it is know $80K lower than when originally listed. It is now sitting empty, and we're unsure of what to do.
0 votes Thank Flag Link Thu Mar 13, 2008
Well, as I mentioned, its about their motivation level. You are absolutely right that we don't know if the market will get much better next year, but if they don't need to sell now, I think renting it out (only if they can break even on costs) makes more sense.

Market time re-setting back to zero after 90 days is one thing. What I was talking about is the property showing up as not ever having tried to sell it previously. If I am correct, I believe it's much longer than 90 days.
0 votes Thank Flag Link Thu Mar 13, 2008
I'd leave it on. If you've been on for awhile that probably means November, December, January and February which are traditionally slower market times. Taking it off now would mean missing out on April, May, June and July which are much better not matter what kind of market we're in.

Another thought.....who's to say that next year is going to be that much better. If you take it off now and get somebody to rent and cover all of your costs (another risk) and a year from now you could find yourself in the exact same spot.

Stick it out. I'm seeing buyers coming out and becoming more interested. If you're priced right and there is "nothing wrong" as you say then this should be the best time for you to be selling even with the slower market. takes 3 months for the market time to reset once you're "off market." Not 9 months.
0 votes Thank Flag Link Thu Mar 13, 2008
If you take your property off of the market now, when you re-list it, it will show the old listing market time. I believe you have to wait 9 months or so before it will no longer show the previous market time. Here is the bottom line for you: HOW MOTIVATED ARE YOU? If you need to sell NOW, you need to make some changes. Stage, stage, and stage some more. Make the property show like a model. It might cost you $1000 to stage your property, but think of how much it's costing you every single day the property sits on the market and you aren't able to move on with your life.

Are you listed with an agent? I realize it's on the MLS, but if you are using a flat fee company, all they care about is their flat fee! They aren't marketing your home which makes all of the difference in selling in this market. Think about it... if there are 200 properties in Edison Park, all in a similar price bracket and all with similar finishes, floor plans, etc. And, there are 20 buyers looking for those types of properties. They are all listed on the MLS. An APE could list your property on the MLS, but that doesn't mean it's going to get sold. Of those 200 properties, why would those 20 buyers come see yours? It's market share and it's a numbers game. The more places your home is marketed, the more people see your home, the more likely you are to get an offer.

If you don't NEED to sell right now, then why are you selling? If you don't HAVE TO MOVE or NEED MORE SPACE, I think renting it out for a year isn't a horrible option in this market.

It comes down to your emotional attachment to getting WHAT YOU THINK THE PROPERTY IS WORTH versus WHAT THE PROPERTY IS ACTUALLY WORTH. If you are willing to let it go, realize you might not make as much as you would've 3 years ago, then drop the price, market the heck out of it, stage it, and list it with a Realtor who has the skills and expertise to get the property marketed and featured in the right places.
Sorry for the long response. Email me if you need some more specific resources, lists, checklists on staging and selling your home, or if you want a marketing proposal.
0 votes Thank Flag Link Thu Mar 13, 2008
Kris -

I wouldn't want to take it off the market right now, or you may likely miss the spring market. I am not sure what your price point is, but there are buyers out there even though things have slowed down. I think the important things to do are to 1) price your home properly and 2) make sure it shows well - including sights and smells. In fact, I actually try to convince all my sellers to do some level of staging. I believe most home buyers make purchases at an emotional level first, then justify the purchase rationally after the fact. When the property shows well and is priced well, that hits both bases.

Edison Park is a desirable place to live, so maybe give it more time. As far as market time goes, I agree that properties that have been on the market for a while tend to get stigmatized. Oftentimes that stigma can be overcome by the 3 words no seller wants to hear - reduce the price.

Not sure if I helped, but I do wish you luck!
0 votes Thank Flag Link Wed Mar 12, 2008
I guess I would have to ask you how long is "quite a long time'? To have marketing time start from zero, you would need to have it off the market for 90 days, I believe. If you have the house in market ready condition, I would hesitate renting it, only because you might have to go in and repaint , recarpet and who knows what else after tenants. Because of the market slow down, I would make sure that you are priced correctly, that the house is in market ready condition and staged and that your property is getting maximum exposure to buyers, and to the brokerage community. Good Luck!
0 votes Thank Flag Link Tue Mar 11, 2008
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