It has become very evident in recent months what price for a "move in" quality single family home in Lincoln Park will... well, move the home.
Oh, there is no truly magic number. Let's just say we know it when we see it.
First, you have to know a move in quality home is. It's not the totally pimped out, lavish, up-to-the date home. That home is a little more subjective
No, its the house that- if you would have to stretch for to get into a better neighborhood... "well, we may not like the outdated finishes, but we can move in and not have to do anything major..." home. And bam! When this home hits the right price... it's gone.
How will you know? And will you be ready?
For instance, there are a few tiers of homes in this "move in" category. There is the group that went on really high and the market has rejected them. Then, those homes go into the "finally dropped the price a little group".
A guy like me takes a shot at this point to see if they are ready to actually sell at market rates. This can go well... but usually goes badly.
Then, the the final tier... "drop to that magic number to generate offers" house. There will be multiple offers at this point.
Before you know it... the house is gone.