There is a good blog post from the Mario Greco Group website regarding how real estate is, especially in Chicago, a local affair.
Factor #1: Real Estate is Local. I would add to the above post the fact that reality still needs to mixed together with local analyzation. My experience from daily interaction with buyers and sellers is that the national media says one thing, the city another, the neighborhood another, AND THEN THERE IS YOUR PROPERTY. This is wrong. Again, as I’ve talked about before: You are not immune from the realities of the marketplace.
Yes, the local market is holding up well. And, more importantly on the short term, the only properties that I see selling are ones that are priced at least in line with the rest of the market.
Factor #2: Price your property for sale at, or below, the market.
I know I am and have been being a bit harsh lately about the importance of pricing at or below the market in the current environment. But I believe you want someone telling you the reality, based upon what I have seen out in the Chicago marketplace.
I feel it is my responsibility to not spin anything, but rather to say it like it is. Ultimately, you will be rewarded for it.
If factor #2 above is not longer applicable in Chicago (as it was from about 2000 to 2006 or so), I’ll let you know. Right now, it is the sobering truth.
Filed under: Pricing, Selling Real Estate
