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Asked by Joseph, 60660 Wed Jul 23, 2008

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Answers

5
Eric Marcus, Agent, Chicago, IL
Wed Jul 23, 2008
BEST ANSWER
In your situation it sounds like a good time to sell as long as your credit is good and you can be approved for a mortgage for the the 2 bedroom. Let me explain.

Let's say you are getting 10% less than you might have at the peak of the market. You should also expect that the 2 bedroom you are buying will have depreciated as much. Would you rather sell for say $190,000 and have to buy something for $260,000 or sell for $170,000 and buy something for $235,000.

It's good to be a trade-up buyer in a down market. In the long run you will be much better off. When the market returns you will be getting appreciation on a bigger asset.

Good luck!

Eric Marcus
ESM Realty
Your Real Friend in Chicago Real Estate
773-244-1110
1 vote
Emily Medvec, Agent, Santa Fe, NM
Wed Jul 23, 2008
What is important is to remember all real estate is local. Each market is different and it is very important to review the comparative market analysis your agent prepared for you on the future sale of your condo in Chicago. I advise my sellers in Santa Fe, NM to also talk with their financial institution about what kind of future mortgage and loan product they would be eligible for in the near future given credit status and amount of downpayment. My clients tell me weighing both these factors helps give them the information they need to make informed financial decisions in this market. Again, ask your agent to provide you with details on similar properties sold in the past six months and the average days on market for condo homes similar to your home. What is important is accurate sold data and a good working knowledge of your future buying leverage in your local market. Overall it is a good market for qualified buyers who want to move up so you are wise in getting information and representation. Good luck, Emily Medvec
Web Reference:  http://www.emilymedvec.com
1 vote
Don Yosef Ma…, Agent, Highland Park, IL
Thu Jul 24, 2008
Dear Joseph, THAT ANSWER THAT THe REALTOR GAVE YOU IS A VERY TYPICAL WRONG ANSWER. Please find a Realtor who has been in the business for over 15 years and has many real estate DESIGNATIONS. You paid $144,000 for your unit less than a year ago, it was listed two yrs ago for $179,000. Your are lucky to Get $155,000 +/- $,5000 per comps. in a declining mrkt. Don't settle on limited services Real estate companies because you have to remember you pay for what you get. If you want full service their are some full service realtors willing to work with you like myself. Remember what you loose on your condo you will make up on it when you buy. 22P sold for $150K & 8 P is listed for $134,000.Market IS NOT going to turn around anytime quickly, so take your loss and find a condo that you will be extremely happy in or DON'T SELL and live with the present situation . I would do which ever is less depressing to live with. Lenders have tighten up so have the buyer market & 30 yr rates have hit 6.75 % in the last few days. Your situation is no different than anyone who has bought their property in the last few years.
Sincerely yours,
Don Yosef Marcus GRI,ABR&CERTIFIED Consumer Real Estate Consultant
CENTURY 21 MB
21 yrs serving Chicago
0 votes
Kale Realty, Agent, Chicago, IL
Thu Jul 24, 2008
Hi Joseph in Edgewater

If you are interested our company offers discounted options for sellers such as yourself were you can save 2.5-3% on the listing commission. With the market slow every bit of extra cash is important- check out more on our site http://www.KaleRealty.com

best of luck
Web Reference:  http://www.kalerealty.com
0 votes
Santiago Val…, Agent, Chicago, IL
Thu Jul 24, 2008
This is a very tough market, if you do sign a listing agreement to sell, make sure that you are not responsible for any fees if the place does not sell or if you decide to take it off the market.

I'm very familiar with the building and the area and to be honest I think it would be very hard to get your price right now.

Ask your agent about any other P units in the market right now and how much they are going for, and any other P units that sold in the last 12 months and how much that sold for, and how she reasons the $165K price.

Most websites now let you search past sold units (mine does....), maybe do some searching on your own and see what you find.
Web Reference:  http://www.MainChicago.com
0 votes
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