Real Estate Market (Chicago, Elmhurst, Western Springs: mortgage, foreclosed, showings)

[TWorden]

I have had my house on the market since 11/07. Did not start getting any traffic until 01/08...however...I only had about 8 showings and no one seems to be interested. I have done as much as I can think of on my end...professional landscape, new carpeting, new light fixtures and I am going to change out the flooring and appliances. I was told by the realtor that my house is priced fairly and they have it advertised on the internet...but I have had no showings in over 2 weeks...help

[Steve-o]

Originally Posted by TWorden

I have had my house on the market since 11/07. Did not start getting any traffic until 01/08...however...I only had about 8 showings and no one seems to be interested. I have done as much as I can think of on my end...professional landscape, new carpeting, new light fixtures and I am going to change out the flooring and appliances. I was told by the realtor that my house is priced fairly and they have it advertised on the internet...but I have had no showings in over 2 weeks...help

You and everyone else in the country (trying to sell homes) are in the same boat.

[gardener34]

The bad winter has lots to do with it. Glad you didn't have a bunch of boots tromping up your clean ready to sell house. Nov. is typically a bad time to start to sell anyway. regardless of the market. You probably should have waited til after the holidays.

[elisabetm]

Originally Posted by TWorden

I have had my house on the market since 11/07. Did not start getting any traffic until 01/08...however...I only had about 8 showings and no one seems to be interested. I have done as much as I can think of on my end...professional landscape, new carpeting, new light fixtures and I am going to change out the flooring and appliances. I was told by the realtor that my house is priced fairly and they have it advertised on the internet...but I have had no showings in over 2 weeks...help

It's just a waiting game. Waiting for that just "right" buyer for your home to come by. We just sold our home in MI....it was on the market for 2 years. We carried 2 mortgages for most of that time. Friends in our former neighborhood just sold after 3 years. It's tough when the block is filled with abandoned, foreclosed homes. Cheer up, it could be a lot worse. Home values in the Chicagoland area haven't dived nearly as much as other locations. We sold for little more than we had bought our home....10 years prior.

[Joe107]

99% of the time when a house is not selling, it is overpriced

[middle-aged mom]

Every seller has the choice to sell the competition or get sold. If you want to get sold, you need to be priced less than comparable homes in your area.

[summers19]

This is kind of just a side note but may be helpful to some sellers...
We're looking in the Chicago area (Elmhurst) to buy a house. One thing we're finding is that most sellers do not have photographs laid out what their backyard and landscaping look like in the summer. I can't even tell where the boundaries are of the backyards. With two small kids and two dogs we really need to know what it looks like. We don't want to have to landscape a yard, fix a patio, extra. In other words we don't want any surprises once the snow melts and we now own the house.
One house we looked at in Western Springs had beautiful photos of what their backyard looked like in the summer. That's what we expect of serious sellers. ...lay everything out on the line so buyers can make an educated decision. Photos are helpful and say to the buyer that you are on top of your game.

[pman1]

I have found that most (not all) sellers still have a skewed sense of reality when it comes to pricing their home. I've seen my share of places on the market lately and it is downright laughable what some of these sellers are asking for.
I forgot where I heard it, but things won't get back to normal until there is 'blood in the streets' and sellers face the reality that less buyers and high inventory must equal lower prices.
When that will happen is anyone's guess, but the longer sellers hold firm on their over-priced properties, the sooner it will. It's all a waiting game.

[Joe107]

Alot of sellers think their house is worth the highest price any of it's comprables ever sold for.

[Ripjohnson]

I feel your pain! Truth is, its not as bad as all of the information we are bombarded with. Moderator cut: No advertising/ soliciting. Please see CD Forum rules.....

Steve