Chitownproperty

10 New Year’s Resolutions for Home Sellers

Homescape’s Duane Hopper offers up a real estate version of the perennial list of resolutions, this time for home sellers in a tough market. All ten are good ideas, but our two favorites are:

• Create the “wow” factor – Staging, staging, staging. You may think you have impeccable style, but potential buyers need to walk in a home and picture themselves living there, not you. That means sprucing things up, neutralizing personal touches, and making the very best use of space, and …
• Know your competition – Which translates to, “Set a realistic asking price.” You have to acknowledge the other properties for sale in your neighborhood and price tier. A home is only worth what someone is willing to pay for it, and if you can’t justify a higher price relative to the competition, you’ll sit on the market.

One bedroom condo in River North

Price: $269,900 + 35K parking
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Beautifully finished 1 bedroom, 1 bath condo in a solid, newer building located in the heart of River North.  A large entry way with walk-in closet welcomes you into this beautiful home with hardwood flooring and in-unit washer/dryer.  The spacious kitchen boats the finest finishes and oversized breakfast bar with room for 3 seats. The large bedroom has a sizable walk-in closet and neutral carpet. A luxurious bath has a double vanity, Jacuzzi tub and separate shower. Beautiful custom paint throughout and a charming balcony off the living area completes this package. Building amenities include a doorman, exercise facility, and extra storage.  A fantastic garage spot is offered at $35,000.

Thank you to all of you who donated so generously to the Chitownproperty Annual Food Drive. We are excited to report that this was the most successful year to date. Thanks to your support, we were able to raise enough funding to provide over 5,000 meals to the needy in the Chicagoland area!!

Thank you again for your generosity. We wish you all a healthy and happy holiday season.

With Sincere Appreciation from The ChiTownProperty Team,

Christine, Debbie and Mandy.

Homescape: Why Now is the Best Time to Buy

Steven Hyman, a real estate broker and blogger at Homescape, calls the time of year from Thanksgiving until the Super Bowl the “white death,” because of the general slowdown in real estate activity. Potential buyers are busy with the holidays and don’t spend much time shopping for homes, and sellers are left alone, willing to cut a deal. Hyman says this means the “white death” is a good time to buy:

In my opinion, the cool down periods are the best time to start your home search. For those home sellers who can’t wait for the peek selling season to put their homes on the market, time is of the essence. If the sellers don’t make a deal now, it may be a long, cold and lonely winter till another offer materializes. By then, their home may lose some of its appeal from being on the market too long. With limited competition during the slower months, home sellers will be more open to negotiate deals that could be favorable to the buyer.

Of course, that means you have to be able to get a loan. Credit markets are still tight, but surprisingly, Mary Umberger from the Chicago Tribune says that 34 percent of first-time home buyers in a 2007-8 study financed their purchase with no money down. While we would typically recommend against 100 percent financing (the old rule of thumb used to be 20%), such numbers are a sign that qualified buyers with proof of income still can secure a mortgage.