Home Selling in 60660>Question Details

Lee, Home Seller in 60660

Anyone having luck selling in the Edgewater area of Chicago?

Asked by Lee, 60660 Wed Jul 15, 2009

Our place has been on the market for 5 months and we have only gotten a couple of showings. Is this typical? We have a 2 bedroom, duplex condo. We aren't sure if we should take off the market and try again in spring or stick it out,

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Lee,

Reach for your wallet when any agent claims a "proven track record of quick selling." There are too many ways to manipulate MLS statistics to achieve that track record.

Head for the door if you're solicited by any agent if you're actively working with another agent.
Web Reference: http://yochicago.com
0 votes Thank Flag Link Mon Aug 10, 2009
Lee

A lot can contribute to you not being able to sell your place. We like the suggestion of changing your agent/agency for starters. Find someone with a proven track record for quick selling. Typically these people will be more in tune with what needs to happen to get traffic to your unit.

Without seeing your place here are some things that have helped us with reducing market time:

Better Marketing – Do you have professional photographs on the MLS? This can make a HUGE difference when people are sorting through a ton of listings. Has your agent been doing open houses? Has your agent been driving traffic to your condo? What have they been doing besides a sign in your window and an entry in the MLS? If that’s all your agent has done, get a new agent.

Better staging (presentation) – this can make a bad place look great and spacious and a nice place look horrible depending on how your furniture is placed in the house. To quote a wise old agent “the way we live in our house is not the way we sell our house.” This place is no longer your home it is a commodity! You need to remove any bold paint colors that you may have. Put all of your personal stuff such as family photos etc in a box and get them out of there. The goal is to make your place look like something someone could see themselves in. That is harder to do if you have photos of your trip to aspen on the way etc. Take a hard look at your furniture in the house – now remove at least one third of it; seriously. Get it out of there! Nothing makes a space look cramped like too much furniture. Add light sources such as lamps to every room and make sure they’re all on when you do a showing. This goes without saying, but KEEP YOUR PLACE CLEAN! No clutter, no open toilet seats, no spots on the mirror. Throw some fresh cut flowers on the dining room table (make sure they match the color scheme of their surroundings). Get my point? If you need to fix something, get it fixed, no one wants to hear “oh that’ll be cheap to repair…” People want a unit that is move-in condition, not something that they will have to put time and money into once they move in. Make sure your agent is pitching the neighborhood and any building amenities that you have, if any. Good luck!
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Mon Aug 10, 2009
Hi Joe,

I did answer Lee's question in an earlier post. But to reiterate, no, it is not typical to have only a couple of showings in our current market. There was a real lack of activity in the 4Q2008 and 1Q2009, but since April, the activity levels of showings have been pretty consistant. If there are no showings, then the agents are rejecting your listing on price. If you are having showings but no offers, the buyers are rejecting your property on price. If you have a duplex down condo, there could be several issues. I had an Andersonville duplex down listing last year, and although we had lots of showings (36!) we had no offers. Our sellers weren't prepared to respond to the declining market, and ultimately, they took it off the market and replaced the spiral staircase (always a problem). But until they lowered the price to where the market responded, it languished for another 54 days. It is now under contract.

So I guess the best answer is that now is a great time to sell if you have a marketing plan that works in our current market.

Hope this is helpful to both Lee and Joe.

Karen Breen Elia
0 votes Thank Flag Link Sat Aug 8, 2009
Did any of the real estate agents read the question? If so, why are you not answering it instead of hawking your services?

Gerry,

You still haven't given us any data on anything you've sold to back up your claim that you "sell quite a bit."

If you have listings in the MLS, as you claim, how come they aren't under your name? Provide a link if I'm wrong on this.
Web Reference: http://yochicago.com
0 votes Thank Flag Link Sat Aug 8, 2009
Hi Lee,

I just put my one bedroom condo listing at 5115 N Kenmore under contract on August 7th). I would welcome the opportunity to speak with you about my unique marketing propostion.

Kind regards,
Karen Breen Elia
0 votes Thank Flag Link Sat Aug 8, 2009
Sure, I have a co-listing at 6206 N.Lakewwod, its a beautiful two bedroom, two bath condo, total gut rehab, listed at $270,000, and as of next I will present a vintage, two bedroom, one bath condo at 1056 W. Granville, just east of Broadway, for $145,000. Im also working on a single family home listing that ould be s old as-is and would need work. I am suggesting at offering this home in th $400K range. I work with many buyers in the Edgewater, Andersonville, and Rogers Park areas. If you were to call me, I can provide names and numbers as references. I absolutely love the north shore of the city, I feel it so rich with it's history. I love the Uptown area also. If you have any questions, feel free to call me at (847)710-0865.
0 votes Thank Flag Link Thu Aug 6, 2009
Gerry,

How about listing some of your recent sales successes in Edgewater for us. I couldn't find any of your Edgewater listings - please add some links to your post.
Web Reference: http://yochicago.com
0 votes Thank Flag Link Tue Jul 21, 2009
Lee,
I sell quite a bit in the Edgewater area and have found unless your property is really unique, pricing is everything. I have listings and buyers in the area and I find that area is moving very good. When people see the prices in the Bucktown or Lincoln Park markets, they venture north, and find more suitable prices.
0 votes Thank Flag Link Sun Jul 19, 2009
Hi Lee,

I have a few properties and a few buyers in Edgewater, and I have been having luck on both sides. I think it is important that your marketing strategy is continually updated and freshly prepared. I had a listing that wasn't getting enough showings, and we tweaked it just a bit, and have had about 2 showings a week for the last 2.5 weeks. There are quite a few buyers out there now, and the market should stay strong until Labor Day, at least, and perhaps longer since market activity started quite late this year.

Perhaps you need a fresh look and a new marketing plan that really puts your listing out in front of the entire marketplace.

Good luck!
0 votes Thank Flag Link Sun Jul 19, 2009
The market is slow all over and Edgewater/Uptown/Rogers Park seem to have been acting a little worse than some other neighborhoods, but there still is some activity. How does your unit compare with your friendly competition? I set up a search for all my Listing clients where I pretend they are a buyer looking for a property like what they are trying to sell. Each day I send them the 'activity' from the MLS so they can see in 'real time' what is or is not happening. It gives them a better sense as to how they are doing because sellers never have as good of an understanding of the market as buyers do.
If you have no success by the end of August, you should take it off the market and wait until next year.
Take a look at my web site to see how I might be able to help.
0 votes Thank Flag Link Wed Jul 15, 2009
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