Barb Van Stensel - Keller Williams Chicago

 

 

Chicago's marketplace for the week ending March 8, 2011 is reflecting a continued market trend of approximately 20% of the inventory selling.  When someone is selling their Chicago home in today's marketplace, the buyers have a lot of inventory from which to choose.  One of the ways to increase your chances of selling and closing is being "in the market".   The buyers today are more informed because of the internet and are more educated.  The days of testing the price of your home on the market are over unless you want to be considered shadow inventory, because you will not be attracting offers when you are overpriced.  The buyer now has ways to check on how many times you have been on the market, how many days, and what your price adjustments have been. 

The conditions still are the same as in the past with buyers:  Price, Location, Curb Appeal, Modernization and overall maintenance. 

While multiple offers still happen, it usually is in a foreclosure sale versus a standard sale.  If you are a standard sale (non- preforeclosure), you will attract buyers because some do not want to wait for the bank approval on short sales.

It all boils down to understanding the marketplace, being ready prior to going on the market and know that real estate deals take a lot more effort when selling then they have in the past.

 

source:  MRED MLS

 

 

 

This information is provided to you by Barb Van Stensel with a commitment to support the Chicago, IL community.

 

 

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2 Comments on Chicago Marketplace Week ending March 8, 2011

MAR
08
2011
194,319 Points 11 Featured Posts Called Shot Master

Barbarbar, so true you have to be in the market and not on the market.  Great info.
5:37pm • #1
508,343 Points 4 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Nice bar graph!  It really helps to visualize the differences between the years.  Looks like this year is slower than the previous two years.
5:42pm • #2

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