Jennifer Gie…, Other/Just Looking in

Is now a really bad time to sell my condo in ravenswood?

Asked by Jennifer Giese, Wed Apr 16, 2008

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Tom McCarey, Agent, Chicago, IL
Wed Apr 16, 2008
Hi Jennifer,

The real answer to your question is rooted in your selling motivation. Each of my selling clients is in the good position of wanting to sell but not needing to sell. There's a big difference between the two as the former enables us to say no to low offers which are made more frequently in this market. Having said that, there have been better times to sell. One of the chief factors is the difficulty right now for a buyer to get financing. The other factor is the uneasy state of the economy and the psychological climate whereby every prospective buyer I meet simply doesn't want to overspend. (And a third is the difficulty of appraisers to get comps that are no older than six months old.) Again, the true determinant here is your selling motivation. Priced right and marketed well with an experienced realtor, your place will sell. Just maybe not for as much as you had hypothesized when you bought it.

Best of luck.

Tom McCarey
The Real Estate Lounge.Chicago
1 vote
Matt Shrake, Agent, Chicago, IL
Fri Jun 27, 2008
The market in Ravenswood and most other north side neighborhoods is fantastic right now for well-priced properties. Now is NOT a really bad time to sell your condo in Ravenswood.
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Mon Apr 21, 2008
I appreciate all the insights. I am not necessarily needing to sell my place now (no relocating or anything) I'm just wondering what my options are should my need change radically in the future. I bought it two years ago and it was a gut rehab. I haven't made any improvements since buying it.
0 votes
Mark Reitman, , Chicago, IL
Mon Apr 21, 2008
As others have said, a lot depends on your reasons for selling at this time (or really any other). With that said, except for a dip in prices from October through January, which have since recovered, prices in Ravenswood have been consistently trending upward, albeit gradually. The 90-day moving average actually increased 5.55% from March '06-March '07; then increased another 8.6% from March '07-March '08.

On the other hand, market time has increased from 82 days (3/06) to 124 (3/07) to 147 (3/08). However, market times for March closings seem to spike to about 20% higher than following months, because those homes were marketed through the winter/holidays. So, expect the average market time hover around 120 days, more or less, during the next few months, which would be about 20 days longer than last spring/summer's average.

I'll let you decide whether these numbers bear out a 'really bad time' to sell your condo, or not. But, your own specific results will depend on your particular unit, it's location, condition and your willingness to price it competitively in this market.

Good luck!
0 votes
Ken Dooley, Agent, Chicago, IL
Sun Apr 20, 2008

What are the circumstances of your sale? Are you relocating due to a job transfer or looking for more space? If you price your unit correctly when selling you may find that the home you're looking to buy has been priced fairly. If you've identified a home you like and feel you can get a price for your current home that makes a deal work, then go for it.
It's difficult to answer correctly without knowing all the details. Best of Luck, Ken.
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Kale Realty, Agent, Chicago, IL
Wed Apr 16, 2008
Depends, how long have you lived in the property? Have you made improvements since moving in?
Ravenswood is a popular area and there are lots of buyers out there.
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