Home Buying in Westchester>Question Details

Nancy Pratt, Both Buyer and Seller in Wilmette, IL

Prices in neighborhood ( Avondale) fell to low $300K's from a high of $500K due to foreclosures.. Pd. 400K in 2001. Should I sell now or wait?

Asked by Nancy Pratt, Wilmette, IL Sun Mar 31, 2013

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It's difficult to forecast how the market will react to so many variables that effect pricing, inventory and valuation. It's not a coincidence that when the unemployment numbers improved, so did the housing market. One thing we can say for sure, you definitely want a local agent who knows your market area and can quickly identify any specific market challenges that may or may not impact your decision to sell. We live in Westchester. We know the market. We would be glad to provide you with a Comparative Market Analysis that can help you understand your options.
0 votes Thank Flag Link Sun Mar 31, 2013

This totally depends on what you are looking to do from a living situation. Why are you looking to move, where to, etc. 10 agents are going to give you 10 different answers as to what will happen to property values in the 3-5 year future. Prices may appreciate, but a 1% increase in interest rates is equal to a 10% rise in pricing from a purchasing prospective. If interest rates get to the level they were in 2001, the home would be ~20% more expensive to the buyer than it is today.

The first thing you may want to do is to get an agent in your home to give you a market evaluation. Try to give them a 48 hour notice so they can do their homework. Someone who says they can be there in a few hours is not going to be helpful to you because you need to talk about statistics and historical trends of your marketplace.

It costs you nothing, there is no obligation, and will give you an idea of what your home could sell for today. They can discuss with you the reasons for selling and what you would do next. Just using them as a sounding board may help you make your decision.

Feel free to reach out with any more questions.

Geoff Ommen
Broker Baird & Warner
0 votes Thank Flag Link Sun Mar 31, 2013
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