Where do tree hugging, vegetarian liberals belong in north Chicago? (Evanston: mortgages, home equity loan)

[Anthera]

Jay,

The sellers may or may not accept your offer. It all depends on their motivation. Are they empty nesters looking for a pied-a-terre downtown? Are they transferees? Is it a divorce or is it a young couple hoping to move up? I've seen houses go very cheaply when they are part of an estate, and I've seen houses languish for years because they were part of an estate and the heirs overvalued the house.

You really have nothing to lose by offering what you feel is a fair price, but I would suggest that instead of giving the sellers the economic justification (which they know already) you tell them how much you love the house, but are limited in your budget. Their agent will be giving them the economic facts. this way you don't look like the bad guy.

[cohdane]

Originally Posted by jaynetarzana

Whenever I tell our agent that I think a house is overpriced, she feeds me a bunch of garbage about how this area doesn't need to correct because it never went up like California.

People said the same thing when we got here in January. Things have "corrected" a bit since then and I expect more. My answer to "it never went up like California" is this: You're right. California had a MASSIVE run-up and will have a MASSIVE drop. This area had a BIG run-up and will have a BIG drop.

That said, keep in mind, it's all relative. Yes, there's no ocean here, but if you're the only Nomad in the desert with a palm tree, you've got yourself a million dollar property. Lake Michigan and old trees are a big commodity out here.

Still, happy hunting.

[Calidreemer]

Originally Posted by cohdane

And since I can't maneuver my Escalade worth a crap, I'll need a circular drive-- throw some money at the city and get those trees out of the way

Cohdane that was hilarious!

[Anthera]

Why do Escalades bother me so much? They just seem so much more obnoxious than other SUVs, and something about them just screams "Upper White Trash"

[Calidreemer]

Originally Posted by Anthera

Why do Escalades bother me so much? They just seem so much more obnoxious than other SUVs, and something about them just screams "Upper White Trash"

That's pretty funny too! Those Escalades also drive me nuts - so do the Hummers - I don't get why any civilian needs a Hummer - especially in Illinois!

[jaynetarzana]

Originally Posted by Calidreemer

That's pretty funny too! Those Escalades also drive me nuts - so do the Hummers - I don't get why any civilian needs a Hummer - especially in Illinois!

Seriously!

[jaynetarzana]

Originally Posted by Anthera

Jay,

The sellers may or may not accept your offer. It all depends on their motivation. Are they empty nesters looking for a pied-a-terre downtown? Are they transferees? Is it a divorce or is it a young couple hoping to move up? I've seen houses go very cheaply when they are part of an estate, and I've seen houses languish for years because they were part of an estate and the heirs overvalued the house.

You really have nothing to lose by offering what you feel is a fair price, but I would suggest that instead of giving the sellers the economic justification (which they know already) you tell them how much you love the house, but are limited in your budget. Their agent will be giving them the economic facts. this way you don't look like the bad guy.

They are retirees moving to Florida where they already own another home. They built this house and raised their kids in it so there is a lot of pride and sentimental value in this home for them. The plus is that we are a young family who loves and appreciates the beautiful home they built, so much so that we would love to raise our family in it. That has got to count for something. Our agent asked us to write a letter to include with the offer to help take some of the sting out of the price. So now I am sitting here trying to come up with the perfect words for my letter.

I told our mortgage broker that there aren't any comps and she said that would be a problem with the appraisal then. So that it another thing we have going for us. If it doesn't appraise at what they are asking, no one can get financing.

[jaynetarzana]

Originally Posted by cohdane

People said the same thing when we got here in January. Things have "corrected" a bit since then and I expect more. My answer to "it never went up like California" is this: You're right. California had a MASSIVE run-up and will have a MASSIVE drop. This area had a BIG run-up and will have a BIG drop.

I know! It seems like such common sense logic, but yet it is lost on so many.

[Anthera]

Jay,

I don't remember if you had said anything earlier in this thread, but how long do you plan to stay in your new house? Will this be a permanent place or a 5-8 years sort of house?

[Nysee53]

Highland Park should come down some more. It has already come down a lot. There is a lot more inventory in Highland Park than other North Shore communities. Also, Highland Park, Lake Forest, etc. are hurting from the recent gas crisis. People were predicting that Glencoe would skyrocket, because it fell considerably in 2006 and 2007, and now there is very low inventory, but the gas crisis has changed opinions. Homes in Evanston and Wilmette are selling much quicker than the other NS communities. Now people are predicting that Evanston and Wilmette will experience a price hike and building boom, which Winnetka and Glencoe experienced in previous years.