Dminard01, Home Seller in Grayslake, IL

without the tax credit for buyers, what do you think the turn around time will be for sellers in this market.

Asked by Dminard01, Grayslake, IL Fri Jun 4, 2010

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John Walin, Agent, Libertyville, IL
Fri Sep 16, 2011
I recommend that sellers pay a fee for appraisal and price their house 5% over that appraised number. I reimburse the seller at closing for the appraisal costs. The biggest obstacle to closing is first to get the showings and 2nd to have the appraisal match the sales price. Pricing a house close where it will appraise out reduces market time and helps the seller not overprice the house and killing showings.
1 vote
Justin Ruzic…, Agent, Greenville, SC
Wed Aug 3, 2011

The market who's property values blew up during 1999 to 2006, by more than 10% per year on average, and have been crushed by the current economy will likely be 'holding' their homes for a decade at least if you are looking for values found in 2005 and early 2006.

CNN wrote article that it would be Decades till recovery...
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Irene Jarosz, , Libertyville, IL
Mon Jul 25, 2011
When a house is priced right it will sell. Certain unique things about a property may make it take a bit longer. For instance, I am selling my rental in Wildwood. It must go into the MRED (Multiple Real Estate Data, formerly MLS) by area 30 which is partial zip code for Grayslake. The schools are Woodland Grade and Warren Twp. HS which are area 31 (Gurnee). I also have not input photos of vacant freshly painted rooms, I am waiting for new kitchen Almish chestnut cabinets to be installed, then granite or swanstone countertop. This is in the remarks, but no photo yet. This will delay the sale, until someone comes along and can see past the work in progress.
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Jim Starwalt, Agent, Grayslake, IL
Sat Jun 12, 2010
Dminard01, homes that are priced at fair market value are selling in 30 to 90 days, the same as in jay market. The problem here is determining the "fair market value". One of the biggest problems we have out there is getting a lenders appraisal to agree with the sale price of the home.

A close, careful look with an open mind at the recent sales in your area, like homes, within 1 mile or less sold and closed in the last 3 months will tell you what your homes " fair market value" is.

If at anytime you would me to help you with that, don't hesitate to call.

0 votes
Dan Chase, Home Buyer, Texas City, TX
Fri Jun 4, 2010
If you mean how long will the average house be on the market before it sells expect a longer time frame. No hurry to buy now. It comes down to finding the right house at the right price.
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Patrick Thies, Agent, Anytown, IL
Fri Jun 4, 2010
Are you asking when will sellers see an increase in property values? I think that we still have a way to go yet. Things need to plateau for a while first and I don't think we have seen that yet. The number of sales in the Chicago area have increased, but most of the area has still seen a drop in value. Some areas are up however.

The Chicago Tribune tracks the areas and shows the median prices and whether those values are up or down from the previous year. You can find it in the real estate section in Sundays paper. They target different counties every week.
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