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.
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.
Remax In The Village, Realtors
Oak Park, IL
708-386-1400 Ext. 111
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.