Tuesday, February 15, 2011

Oak Park sellers hanging on

We were back in Oak Park again last weekend with clients looking for single family homes. A budget of $350,000 for a move-in quality home with at least three bedrooms and one-and-one-half baths affords many options in several sections of Oak Park.

However, in certain areas near transit it appears many sellers are holding on to higher asking prices. This despite the closed comparable homes data of the last 6 months or so. My estimate is many sellers are coming on the market at least 10 percent too high and sitting.

These are nice homes, but the relatively small number closed comparable and better priced homes (including short sales) make it hard for buyers to pull the trigger and pay too much. Many sellers are coming back on the market now at the same, or close to the same price as they went off the market late last season.

That said, for the quality of life and well regarded schools of Oak Park, $300-$350K will be plenty for you to achieve the dream... a "move-in ready" single family home for you and your family. For those of you condo owners or apartment renters ready for a house...you'll love owning a single family home! It's great! Our strategy to is make market priced offers on over-priced homes... and always be ready for the few serious sellers coming on the market that CAN and WILL sell!


Jenkins said...

You should show some homes in my neighborhood, Oriole Park, just off the Harlem Blue Line stop! The crime rate is low, home prices are low, Taft High School's reputation is on the rise, parking is plentiful (everyone has driveways), and transit to the Loop via the Blue Line is decent (32-min ride to Clark & Lake). I have a friend that purchased a condo near Belmont & Pulaski in the $2's, where here in my neighborhood for similar prices you can have significantly more square footage and a yard, and is their commute downtown much better than mine? Slightly, but for the 20 minutes of walking/bussing they have to the Blue Line, I have a 5-minute walk. Sure my house is not newly re-modeled (kitchen/utilities last updated in the '80s), but I have 3 bedrooms, a generous living room, a separate kitchen, and a huge finished basement. Not bad IMHO considering Zillow says my home is worth $255.

And as a drummer with a band, there's nothing better than having a basement all to ourselves, with no adjacent neighbors to complain when we turn it up to 11 :)

What's the downside? The lack of any neighborhood nightlife whatsoever. Sorry, but Teaser's Pub just doesn't do it for this hipster, and the CTA commute to anywhere along the lake for a night out is usually just under 1 hour door-door, and a $25 cab ride home. But fortunately, the Blue Line runs all night and Wicker Park is only a 22-minute ride away.

Lake Tahoe Real Estate said...


"However, in certain areas near transit it appears many sellers are holding on to higher asking prices. "

Has this trend been going on for a while? Wow. Whoever said it was a buyer's bully market? This is new. Well, I'm from NV. So it's not a good comparison. But still sellers are getting more confident. This is a good sign.