Hold on tight, you're in for a ride!

I know something that you might not know! Sounds like some kids antics but this past month I dealt with three contracts and have three more in the fires as I am writing this post.

Here's the scoop:

AREA "15" : The Portgage Park and Jefferson Park neighborhoods are in the midst of "Seller Short Sales" where there are multiple offers on properties and they are going alot faster then 120 days. The time frame has dropped down considerably to under 45 days. The interesting part is that standard resales are closing out at $400,000 to $475,000 in that neighborhood. Now, before you get so excited as a seller and think "oh, man, can I make a bundle now!" - you'd better think again because these higher resale properties:

Are well maintained. They have updated kitchens that aren't 20 years old but under 10 years of age.

They have updated electrical and it's not just the service but GFI's, removal of cloth wiring, etc.

Refinished hardwood floors. Repainted walls. The biggest selling feature is the natural wood and trim work throughout the house/building.

If you are a two to three unit - rental factors come into place. You want to understand how this works and want to maximize your value then we need to talk. I know what it takes because I'm selling them and also working with buyers who are buying them as well. Think I'm crazy, think again because my listings are getting top dollar. Buyer's agents and buyers follow those who get good money and who sell. How can I say that? Every last one of my listings goes into multiple offers. Not a bad thing to happen for a seller.

Area 24: What's happening in this area is there appears to be alot of buyers who want to purchase for owner occupancy. They are either educated/informed first time buyers with architects or just plain, buyers who want to live as owner occupied. Priced right, not playing games will get your home sold. Great, awesome designs but properties that are priced low need overall updating including, kitchens, electrical, painting, roofs.

Area "14" - Albany Park - there are alot of short sales and foreclosures based upon various reasons but what I like about this neighborhood is that there are some great values and for someone who wants to hold on to a property, this is an area worth looking into to. The modernization is average for the most part, roofs usually need replacing or are near the end of their physical life. The electrical is updated but might need some "tweeking", curb appeal - could be improved.

Area: "02" - Rogers Park - otherwise known as West Rogers Park: This area is beginning to level off. While there are short sales available the neighborhood values are correcting themselves rather fast. Rents are stable but increasing depending upon the location to transportation as well as condition. Curb appeal is a big factor for higher rents. Buildings have average maintenance, borderline in roof longevity, average moderniziation, heating systems vary, but electrical is something that tends to be on the list of updating.

Area "04" - Lincoln Square - This northside neighborhood has been the most stable because of its diversification of housing, convenience to commuter as well as the parks, diversification in housing. While the balance in style is diversified it also should be noted that most properites reflect an average of good roofs, curb appeal, maintenance but the one consistant factor I see that is deferred is the electrical.

It's important to understand your neighborhood and what is going on in order to get your home sold. You need to understand today's buyer and their needs. Those needs are not what they were last year but they are realistic needs.

Until next time,

Barb Van Stensel
Third Generation in a Family
of Real Estate Professionals
4601 N. Western Avenue
Chicago, IL 60625
773.746.5395