Should I even bother to list in 2009 in 60187 if there's so much inventory and it takes on average 200 days?

Asked by Stuck, 60187 Thu Jan 22, 2009

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Bill Eckler, Agent, Venice, FL
Mon Feb 16, 2009

You are possibly looking at things from the wrong perspective.

Yes, inventory is high and the average number of days to sale may be excessive BUT, things are selling if they are priced right. The thing you have to consider is, can I price my home and market it, to be one of the success stories.

Good luck
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Dennis Miltn…, , Dupage County, IL
Mon Feb 16, 2009
Stuck -

Bother to list....? Is a good opening question. Here are some other important questions that may help you find your way.

These questions will have to be answered by you, not a Realtor. If you did sell, where do you want to go? How much and how soon do you want to be there ? Once you provide that, than an experienced agent can help you explore your options and define your options, e.g. listing at an aggressive price can sell your house in 15-45 days ( there are stats to prove it .) If you're looking to "move-up" in value selling at a 10% discount on $300,000 ( $30,000 loss) accesses a 10% discount on $500,000 ( $50,000). Doesn't that acquire a $20,000 gain in housing value?

In my 5 years as a real estate professional and 25+ in the sale of business solutions, I've tried to provide answers supported by questions. Taken together, my clients oftentimes find their own more complete answers and their own clarity during the unfamiliar process of buying or selling real estate.

Please call if I can be of service.

Warmest regards,
REMAX Suburban

Dennis Miltner

"Your Real Estate Navigator...
Guiding Hearts to Homes" sm

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John Wright, Agent, Glen Ellyn, IL
Thu Feb 12, 2009
Dear Stuck:

Although it is true that there is 20 months of inventory in Wheaton for the month of January, history shows that the months of inventory will drop noticably in March and continue through July. As always, depending on the condition of your home, location, and the price of your home will be the biggest determining factors as to how quickly you will be able to sell.

If i could help you wiht a market analysis so that you know where your home sits in comparison to the competition, please contact me.

With warm regards,

John Wright
Weichert Realtors - Kingsland Properties
(630) 665-1000
Web Reference:
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Edith Karoli…, Agent, Winnetka, IL
Sat Jan 24, 2009
I think this is a different time from a few years back .... So the right price and a well prepared property will reduce the time it will be on the market..... but your location, your type of property, what YOU bought the property for and when and any improvements, and the price you would like to sell it for ALL ARE IMPORTANT, but the most important question is, why would you sell or do you want to sell?

If you want to sell to buy a larger property then this may just be the right time for you, as you may lose some money on your current property you will be able to buy the larger property for much less....

So you need to discuss all the details with an experienced Realtor, and in order to price your property right
all REASONS need to be taken into consideration and then your home its location, size, lot size, condition etc. needs to be compared to similar homes that have recently sold and those that are on the market that would be competing with yours.

If you have any further questions do not hesitate to ask.
Edith YourRealtor4Life!
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Louann Muell…, , 60174
Sat Jan 24, 2009
Dear Stuck,
A simple search of closed properties in Wheaton shows out of 195 homes, 73 sold in less than 50 days...and 33 homes sold in less than 2 weeks. The homes that are priced well for this market are selling fast, the over priced homes increase the average market time. Can you afford to beat your competitions price? If so, you could be one of the "SOLD's". Let me know if you would like a free Market Analysis, no strings attached, to see where you stand.

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Jeff Adams, Agent, Glen Ellyn, IL
Fri Jan 23, 2009
Dear "Stuck,"

I recommend that you take some time to meet with some local agents (like myself) who work in your market to discuss the specific conditions of the market around Wheaton... Its very difficult to look at a figure like "average market time" and conclude that this is or is not a good time to sell in your specific circumstances.

For one thing, average market time for all price ranges may not accurately reflect the average market time for homes that are in the price range your home would fall into.

Also, consider that builders often list their homes with a Realtor before they've even broken ground and that it only takes a few listings that were miss priced or somehow defective - causing them to sit on the market for an extremely long time - to skew the average up to a number that may not reflect the actual average.

The other way to look at it is that with an "average" market time of "200 days" (actually, I just ran a query on the MLS and the average market time for single family homes that sold in Wheaton in 2008 was 156 days and for condos/town homes the average was 111 days) you have to figure that about one half of the homes sold sold in less time.

Why did those homes sell? The answer is simple, their location and condition were properly assessed by the Realtor that those clients chose to work with, and the home was priced right to attract enough showings to get an offer.

I believe that there is a lot more to address on this topic, but I'm afraid my message is longer than a lot of people will read, so if you have more questions, please feel free to contact me and I will be happy to discuss any of your real estate needs.

Best wishes,

Jeff Adams
RE/MAX Suburban
(630) 790-1776 x 231 or 630-362-9389
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Anna Niklarz, Agent, Arlington Heights, IL
Fri Jan 23, 2009
Hi Stuck,
Good news is that homes are selling! Rates dropped and many home buyers got tired of waiting for the prices to get even lower. Price your home well and you have a good chance of selling! When picking an agent make sure to ask about the process of scheduling the showings so you don't miss any precious potential buyers (usually when those calls come directly to the listing office or showing solution agency it works best), also make sure the agent has a strong Internet presence as this is where the buyers are looking!

Good Luck!
Anna Niklarz
Certified Short Sale and Foreclosure Specialist
Web Reference:
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Sara Provost, , 60137
Thu Jan 22, 2009
I agree with Tim. The benefit of upgrading may be worth it. Also, it's hard to say, if you have something that is a bit more desirable than current inventory & you price it competitively, it may not take 200 days to sell. I'd suggest getting a market analysis from 2-3 local agents. A word of caution though, some agents will inflate a suggested list price when they comp your house in hopes of impressing you so much you'll list with them. You're better off with someone who will be honest, respectful and straight with you from the get go so that you can make appropriate decisions.
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Timothy Fitz…, , Joliet, IL
Thu Jan 22, 2009
If you wan't to upgrade you will get a bargain when you purchase a new home that will probably out weigh the loss you may take. You have to price it right or you will be wasting your time, though

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