Home Selling in 60093>Question Details

bea, Other/Just Looking in 60025

selling in chicago's north shore

Asked by bea, 60025 Tue May 13, 2008

should i hold on to it or try to sell now?

Help the community by answering this question:


Bea, nobody can really answer that question for you... it largely depends on your motivation.

What I can do, is arm you with some fact, that might help make the decision easier to make.

In 2007, there were 2008 single-family houses sold in Winnetka
The average market time was 192 days, and the average list / sale price was 1,875,645 / 1,756,640 (93.6%)

In 2008, so far, there have been 51 single-family homes sold/pending in Winnetka
The average market time has been 197 days, and the average list / sale price is 1,735,133 / 1,562,234 (90%)
If you extrapolate that out, 2008 should provide sales of about 155 single family sales...

so fewer than 2007, and listing and selling for less than the prior year. We don't know if 2009 will bring higher returns, or lower returns. Winnetka has always been a highly desirable area, and we expect it to remain so.

I hope that helps.
2 votes Thank Flag Link Tue May 13, 2008
Alan May, Real Estate Pro in Evanston, IL
Bea, the question is what's important about selling to you right now. If getting the highest price is the only thing that is important, then never sell. Prices will eventually rise. If you simply need the equity you may have in the home, in you pocket, go ahead and sell. No one really knows what the market is going to do. It took NAR three years to finally admit that prices weren't going to go up in the next year.
0 votes Thank Flag Link Sun Feb 3, 2013
HI janet,
What did you finally decide to do sell or not??
0 votes Thank Flag Link Sat Feb 2, 2013
If you are moving to a higher priced home it would make sense to sell yours and buy now- since the market has dropped for almost everyone, it has dropped for the people from whom you buy, and if you and your seller both lose the same percentage on your homes, your actual "loss" off peak prices is less than your sellers. E.g- if home prices have declined 20% from peak prices, a home priced with a peak price of $600,000 might sell now for $120,000 below peak price while a home with a peak price of $900,000 might sell now for $180,000 below peak price. In that case of moving to a larger home, you would be $60,000 AHEAD of the downsizing seller. That makes sense. But if you are the downsizing seller it may not make sense to sell unless the move is something you really need or want to do for lifestyle or other reasons.

Ultimately, do what is right for you and your family. There will always be market challenges. But working through the numbers with a good agent can give you the information you need to make the right decision for you. Thanks for asking!

Eileen Campbell
0 votes Thank Flag Link Wed Aug 11, 2010
Hi Bea,
I did not read the other answers purposely so I will not be influenced....

Here is how I see it for my clients..... The market will potentially not drastically change within a year or so....
There are several reasons for it: The economy in general, unemployment, and burst of the real estate bubble...
when we had a market where every year the home prices went up, and many were consequently artificially inflated, but because there was constant demand and homes would sell, and new construction sprung up everywhere like mushrooms, you know since you are living in Glenview, which is my base from which I work around to the North, West, East and South, during the last few years the home values came down, i.e. deflated somewhat to a more normal actual value of homes.

How long will this stay, when will it start adding value to the properties, when the economy changes, when less people are losing their jobs etc. etc.

So your decision on whether to sell now or wait should not be related much to how much you can get for your home, nor how fast you can sell it. The more competitive the pricing, the better the condition of the home and its upgrades the faster it will sell, but rather be based on why you want to sell and buy another property in the first place.

If you are upgrading to a larger property, larger home, larger piece of land etc. then you will make up the difference of what you thought a few years ago your current home could have sold for, in many ways when
buying the larger property, as the % of what you may lose on the sale of your home, the Seller from whom you will buy your new home will also lose that similar percentage....

On the other hand if you think about down grading the financial situation is slightly different and then comes
into consideration, why you want to be in a smaller property and often the personal advantages may become so much more important than the financial ones.

Since we do not know your exact situation there is not much more that I can add at the moment, but with a little more information from you, we could provide you with a free market evaluation via e-mail of your current home and also provide you with some potentially fitting new homes for you currently available for purchase.

Feel free to contact us anytime.
Sincerely yours,
Your Chicago and Northshore Expert, YourRealtor4Life!
0 votes Thank Flag Link Fri Jul 9, 2010
Bea, you should have sold in 05-06 at the height of the market, when money was free, if you were interested in the highest price for your home. And so should have I!

The only reason you should sell Today is 1) you need the equity out of your home to move to something else, or you need the equity = cash for a different need - college, debt pay off, etc, or 2) you re a move-up buyer and would like to take advantage of the a) tax credit expiring 6/3010 or b) the "everything is on sale" phenomenon in the current market coupled with c) still very low affordable interest rates.

Despite what Steve consumer says, I regularly advise people that selling is not the right answer for them, based on their goals & needs at the time. Any agent worth their salt will advise a client the same way. A good agents strategy is to keep a client for life, and the honest truth, no matter how much it "hurts" is the only thing my clients get from me & my team.
0 votes Thank Flag Link Wed Mar 17, 2010
Personally I would not take the advice of any realtor as they have a vested interest in transactions(buying and selling). If you look at the trend in home sales here in the north shore and throughout the country year over year homes have been selling for less over the past 4+ years. If you view the threads of the realtors over the same time horizon you will find that they have been saying buy all along(market bottoming, real estate is a great investment....). In Econ 101 you learn about the dynamic of suppy and demand, currently supply far exceeds demand and thus prices need to move lower to attract buyers. Also with the state of the employment picture, loss of equity in other investments...., it will be some time(if ever) before buyers again flood the real estate market to induce appreciation in real estate like we had seen the 10 years prior to 2004/2005.

Most people view the sale of their home as they would other investments, they need to make money on it otherwise they tend to "hold" their position. I suggest you view it as a trade and in the trading community we always tell people to have a casual indifference to the position they are holding(in this case their home) and get out of the bad trade. GET OUT!!!! Things will get still worse before they get better.
0 votes Thank Flag Link Mon Aug 3, 2009
Bea, your question really can't be answered without asking you a few questions. Why are you thinking of selling? Are you planning to buy something else? On the shore? It really comes down to whether you NEED to sell or would like to sell if the price is right.
0 votes Thank Flag Link Tue May 13, 2008
I am not sure what you are selling, but it is a good time to move up. Call me if you would like to chat more about the market please. 847 924-9639 Bonnie Larson Coldwell Banker Winnetka North
0 votes Thank Flag Link Tue May 13, 2008
keep the house
not a good time to sell
0 votes Thank Flag Link Tue May 13, 2008
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