Chicago's Market has seen an increase in sales as well as a slight spike in closed pricing. One of the main items that any Chicago Home Seller or Chicago Home Buyer needs to consider is that it is all about location. One neighborhood in Chicago can be dragging due to the amount of distressed sales and overall condition of those homes and then there are neighborhoods in Chicago that are showing strength due to their history in bouncing back from any economic downturn in the past.
Reports are beginning to funnel out that when one considers the nine counties that are reporting the averages, those averages are reflective of a cumulative pricing for all counties and not really totally local and by neighborhood and even sometimes, the neighborhood has it's own pocket areas of strengths and another sector of that neighborhood may reflect a weaker market.
If you are Buying a Home in Chicago: Bottom is, the Banks have gotten on board and are selling the distressed properties with repairs with a closer to market pricing but still a good value to consider.
If you are Selling in Chicago: You have got some competition with the Banks who are the owners of maybe a few homes on your street.
Ways to stay competitive when Selling Your Chicago Home:
Maintain your curb appeal and make sure that your lawn and landscaping is well manicured. I was traveling by an upper bracket home today that is on the market, vacant, and there was mail attached to the front door, the lawn was in disarray, and the appeal was gone. Pretty much would turn most upper bracket buyers away.
Depersonalize your home. Make sure that the photos of the family, the awards are all gone and stored away. Keep the walls neutral, the home free from anything that would turn the sub-conscious mindset off of the buyers as that is the button that most buyers don't really understand why a home didn't appeal but it was the sub-conscious.
That's why staging your home is so important. It is a service that I offer with every one of my listings to guide the home seller to the shortest marketing time with the strongest offer the first time.
Put your home "IN THE MARKET" because the days of testing the market are over, unless, you want to see yourself sitting out there for a year or so.
Finally: Consider the carrying costs while you are selling your home along with the potential market adjustment if you are in a neighborhood that isn't seeing the light at the end of the tunnel yet.
Always, always - hire a professional Realtor as it is so critical in today's marketplace to have someone who understands your market, is concerned about your goals and being communicative.
Chicago is doing better but we still have a way to go.
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