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Market Conditions in 60613 : Real Estate Advice

  • All61
  • Local Info2
  • Home Buying24
  • Home Selling13
  • Market Conditions5

Activity 5
Mon Dec 10, 2012
Bill J Deligiannis answered:
Work with a Realtor who will be able to provide you with a Market Analysis.
0 votes 1 answer Share Flag
Wed Oct 20, 2010
Raquel Unger answered:
As the other answers have told you B of A is now foreclosing. There are questions your Realtor should ask the seller's agent..Are there any other offers on the property ?...If there are other offers what range were the offers?
Is this a hardship situation? Has a S.S. package been submitted? How many banks are involved? etc

Short Sales are good deals.they are frustrating to all need to be honest with yourself and the agents... are you willing to wait to purchase this property or prefer to move in a quicker time frame? If you are a planning on an FHA loan does this complex qualify?

To Your Success,
... more
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Fri Oct 23, 2009
Deborah Smith answered:
Most developers do underestimate assessments, sometimes by alot. It is in their best interest afterall they are trying to sell condominiums (in a hard market nonetheless!). Alot of management companies will reduce their fees during a condo renovation for the developer as well. you will usually find that a management company will charge per unit. The cost doesnt change based on unit size. This is just a way for them to markey themselves. Expect to pay around $35 per unit per month for an established company. Be careful of newly formed or small companies that may undercut, as they usually won't have the relationships with contractors, municipal contacts, or experienced personnel. Also, if they have been around for a while you know there arent any problems with embezzlement or dishonesty, very important! For the most part, if they are doign a good job and are familiar with the building leave sleeping dogs lie. Transferring management companies is not a simple task and you may end up appreciating what you had unless they are really bad. ... more
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Fri Nov 7, 2008
Tom McCarey answered:

There are more variables that need to be clarified before answering your question. What is your exact location? What is your price point? What is your finish quality? I don't think you will be well-served by proffering this information in this public venue, but answers to these questions are relevant to establishing a sense of where you are with respect to marketing your home.

At the same time it is important to recognize that things are selling in this market but that these sales are typically related to price. Consumers appear to want not only a fair value deal, but a good deal. What this means is anybody's guess, but it often seems intertwined with the seller experiencing pain.

Back to your question - should you keep your place on the market during the holidays? I wouldn't. There's a chance that a relo consumer will come into town. But the period between Thanksgiving and following the winter holidays (roughly the beginning of January) is fallow in the Chicago market. Perhaps you might experience greater traction with respect to your listing by removing it from the market in about 10 days and coming back after the new year with a real estate professional who provides a full complement of marketing services (online, print, brochures, signage, presentation, and negotiation) to enhance the likelihood of selling your home.

One thing to bear in mind is that now that the election is over and there's talk of concrete steps to enhance the economy we may see a freeing up of credit. This bodes well for prospective buyers (and should serve you well if you are going to turn around and make a purchase). With credit being available and rates likely to go down a bit and stay down for at least two quarters, I anticipate an uptick in activity.

I hope you find this information of use. As far as 90 days on the market, bear in mind that some 30 of those days have been after Wall Street hurtled toward the precipice and slammed on the brakes just before a complete meltdown. The good news is that things will get better.

Please feel free to check out my profile and to contact me for additional information.

All the best,

Thomas McCarey
Accredited Buyer's Representative
Member - The Institute for Luxury Home Marketing
The Real Estate Lounge Chicago with @properties
... more
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Mon Sep 1, 2008
The Chicago Tribune has had a feature like this for years; the version at goes five years back. Click "Track price trends for your community," choose Chicago and select the 5-year view. ... more
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