Market Conditions in 60402>Question Details

John, Home Seller in Chicago, IL

i own a beautiful intact bungalow in berwyn il and want to sell.

Asked by John, Chicago, IL Mon Mar 30, 2009

renters that live there are interested but can't their financing together yet. how does the market there look so i know how long i should wait before i list it?

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John, I have been working with a lot of buyers in the last few months and my listings are getting busier each week. I closed one Cicero listing and one Berwyn listing and one Chicago buyer- just last week. The sales are starting to happen. It was a very slow winter. Spring may be a very slow rebound but I believe it WILL steadily rebound and sales will improve. As sales improve, prices will flux a little higher, too. It's interesting to read and listen to all of the media expound on dropping home values. If a house is NICE and PRICED LOW it will still sell and it's price may not even change from a value of six months earlier. Sales will improve but price appreciation will most likely take some time to return to the Berwyn market. Still, sales are happening and will increase. Competition will just force realistic pricing. A good Realtor should offer to help you with a current CMA- Comparative Market Analysis- pricing report. This will help you to make an informed pricing decision! (smile)
0 votes Thank Flag Link Thu Mar 31, 2011
Hey John,

Berwyn is going through a rough patch. Agreed with the previous respondents.

With the Neighborhood Stabilization Plan on the horizon, the Village may be able to sponsor some home buyer grants which may stir up activity from buyers and begin clearing the inventories. Once inventory goes down, you'll be in much better shape. Also, your renter may be able to qualify for any purchase assistance which would help them with the financing.
Berwyn ranks pretty high on the risk score map from HUD, so it should get a decent dose of NSP funding. It remains to be seen how Berwyn will utilize the funding, but it will help.

You can go to Recovery.org to track programs as they are rolled out.
Web Reference: http://www.recovery.org
0 votes Thank Flag Link Tue Mar 31, 2009
Hi John,

I agree that the Berwyn market is very depressed. Every home on the market is in both a beauty contest and price war competing with many bank-owned foreclosure properties and short sales. If you can hang on to your home until things turn around, that would be best. Another alternative to consider if you need to move on is to rent it. The rental market is fairly strong. The most recent Berwyn single-family home statistics:
267 active listings with an average price of $205,519
108 sold/closed in the last 6 months at an average price of $165,334
The market over the last 6 months absorbed the available homes at a rate of 18 per month which would indicate that the current active listing inventory represents a 15 month supply of available homes.
I wish I had better news for you. I have noticed that business is starting to pick up and we may have a decent spring market. The buyers are looking for the bargains.

Marion Digre
Remax In The Village, Realtors
Oak Park, IL
708-386-1400 Ext. 111
Web Reference: http://www.OakParkHome.com
0 votes Thank Flag Link Mon Mar 30, 2009
John,
The market in Berwyn is tough right now due to the high inventory of homes available for sale. We have seen prices in the last 2 years adjust down anywhere between 15-35%. In 2008, we have seen short sales and forclosures selling as low as $150,000. The sales range for homes in good condition can range anywhere from $225,000- $275,000 depending on the bedrooms, size of the apartments and location.

I have been a lifetime resident of Berwyn and have been working that market for the last 18 years. If you have any additional questions, please feel free to call me at 708 860-0497.
Web Reference: http://www.JohnSommese.com
0 votes Thank Flag Link Mon Mar 30, 2009
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