Poll: If you are selling, how long has your home been on the market? (Aurora: attorney)

[klaufhu]

Please let me know how long your home has been on the market, what town you live in, and what your asking price is. I'm trying to see what the market trend currently is and trying to figure out if I should lower my price again.

My home:
North Aurora, IL
On market for 75 days
Listed at $484,900

[giazma]

my house has been on since october. I started at 299,9 and am now at 294,9
I live in a 2600 4 bed sq ft house in west joliet (near black and ridge) we have only had 2 showings so far

[middle-aged mom]

All real estate markets are local. What's happening in Arlington Heights has no bearing on what is or is not , in Aurora.

Just curious if you are listed with an agency or tryingto sell by owner. If the former, you agent should be in a position to demonstrate local trends.

[rhiannonsmum]

It is true that you need to look at the local market. But to answer your question, we sold our 4 bed, 3.5 bath, 3,000 sq foot, completely gutted and rehabbed, awesome single family home in July in Wrigleyville/Lakeview (in the city). Originally it was listed at $850K, it sold for $775K. It was on the market for 9 months, off for 3, then back on for 5 before it sold. It took three contracts before one stuck (the first two contacts needed to sell their properties and that didn't happen). Now we are renting and looking for a house in Oak Park.

Good luck to you! Hang in there!

[middle-aged mom]

Originally Posted by rhiannonsmum

It is true that you need to look at the local market. But to answer your question, we sold our 4 bed, 3.5 bath, 3,000 sq foot, completely gutted and rehabbed, awesome single family home in July in Wrigleyville/Lakeview (in the city). Originally it was listed at $850K, it sold for $775K. It was on the market for 9 months, off for 3, then back on for 5 before it sold. It took three contracts before one stuck (the first two contacts needed to sell their properties and that didn't happen). Now we are renting and looking for a house in Oak Park.

Good luck to you! Hang in there!

There is a pent up demand for homes from buyers. So many buyers however, need to sell their current home to buy the next home so it is a daisy cahin effect. Contracts fall through because the buyer cannot sell at the price they want, necessary to achieve thier goals.

Some purchase offers are made contingent upon the buyer's ability to sell or close on their existing home. Some purchase offers do not contain such a contingency but most do contain a financing contingency. This is where the sale of the buyer's exiisting home can surprise you, because they are not able to obtain financing with selling.

Qualifiying a buyer's ability to close is a necessary function related to the acceptance of a purchase offer. A Realtor should be able to qualify the offer and explain the benefits/risks. An attorney should be able to explain the legal ramifications of an offer during the Attorney Review/Home Inspection period following an agreement in principal, to price and terms.

[Schnooks]

I am a renter looking to buy. Part of the reason I'm not buying yet is because sellers aren't budging much in their listing prices in a falling housing market.. nationwide. I've seen houses sitting for a long time here in Arlington Heights and have noticed some are starting to come down a little. Sure, some have sold because AH is a highly desirable location and some buyers are just willing to overpay.

Maybe you might lower your price and get a jump on the spring market since there will be even more inventory to compete with. Lots of inventory and scared buyers doesn't make for a good outlook.

[aragx6]

I'm waiting to buy until late spring for that exact reason- it looks like there's going to be a lot of houses on the market. Good for me, but probably not for someone who has a house they're trying to sell.

[summers19]

We are renting right now and looking to buy in the spring. We hope there are more homes on the market come spring b/c in our price range, there's not much right now. The one we had our eye on just had an offer with a contingency. Hopefully in the spring time we can have more to choose from.

[Joe107]

Those of you who have your homes on the market, when did you purchase the home?

[Homesinrockford]

Hold on here. Why would sellers reduce there prices ONLY if you are gonna write an offer 10,000+/- lower than there asking prices?? Sellers are waiting for REAL BUYERS who are ready to negotiate. If you keep waiting interest rates could go back up and in return it's effecting you.