Another factor to consider is how long have your owned your current property? If you purchased within the last 5 to 8 years - I suspect you still may do fine. Depending upon the type of property you own and where it is located in Logan Square, you could do just fine.
Properties are clearly selling - from experience, however, buyers are aggressive.
I hope that helps - best of luck in your decision!
As they say, hindsight is 20/20. Things are improving now and inventories are low. If you haven't sold yet, then contact me for a market evaluation.
All the best,
However, there are factors that may improve the market next year. One issue is demographics, the echo boomers have not fully entered the market as buyers yet (they should be ramping up next year), this may improve the market by increasing the number of buyers.
I also think that the lenders need to settle down some. It appears lenders are skittish. If the lenders weather the mortgage storm and the loan industry returns to some semblance of normal, hopefully next year more buyers will be able to obtain mortgages (of course no one wants the lenders to provide loans to unqualified people).
Finally, keep seasonal issues in mind, which are important in Chicago. Typically the best time to list is the spring. So if I were you, and you could wait, I would wait until spring 2009 to list your condo.
Best wishes to you!
Thomas is correct in saying that you could definitely leverage on the buy side with such low interest rates AND so many choices AND the value in many of the asking prices these days.
But, you also have to expect not to make as much money as you had originally thought you were going to.
You need to expect that the higher you price your home, or I should say, the less realistic you are about the price of your home, the longer it will be on the market.
In the downtown markets, including as far west as Logan Square, on average if a property is for sale for 90 days or longer, the chances of it selling EVER are less than 20%. Those are scary stats huh?
You have to price your property RIGHT from the very beginning and market the heck out of it!!
I suggest talking to a Realtor who has incredible marketing capacities. In a seller's market, listing with "Joe blow Realty" might not really matter, because let's face it, homes were flying off the shelf and a blind monkey could've sold your home. Now, things are way different. You need a big company, with well known marketing presence both in print media and online, etc. etc.
I happen to know just the company... mine!:) (Prudential Preferred Properties)
When you make your decision to sell, give me a call or shoot me an email.
I look forward to speaking with you.
Sierra Bloom - firstname.lastname@example.org or 773-520-2615