Buyers, please come to Wheaton! (Chicago, Aurora: real estate, foreclosure, how much)

[fairmarketvalue]

Help,

I've been corrisponding on a different thread about the current market in the Chicago suburbs and as a seller, am wondering if ANYONE out there is looking to buy in Wheaton and if they realize the prices are fair? I read requests for advise on buying in expensive suburbs such as Lake Forest, Glencoe, Winnetka, etc.. as well as others of lessor expense, and it seems while many understand and justify why prices are where they should be in some communities, depending on the demographics, others seem to be completely stubborn in believing that other, fine, less expensive communities with excellent schools like Wheaton, are deserving of the same respect as far as fair prices go. We want to sell and are really tired of buyers who seem to be wasting agents time, driving them around to "kick tires" when they have no intention of buying anything until they think they can "steal it" or wait until we go into foreclosure. Believe me, we will not and have no threat of that happening and are sticking to comps sold and closed through even this past March. So I ask, what are any potential byyers out there waiting for? Interest rates, interest rates, interest rates. Does that resinate with anyone? Beautiful homes are available for years of happy living Moderator cut: advertising

Lastly, while I am sure Naperville is a lovely town (we like to go to downtown too), it is NOT a community. I am tired of people thinking that Naperville is the place to go, just because it got written up in Newsweek 3 years ago. Taxes are high, schools are good in dist. 203, but not 204 and within dist. 203, houses are every bit as expensive, if not more than Wheaton. And if you buy in South Naperville (towards Plainfield), where you DO get a newer, sometimes nicer home, dollar for dollar, the taxes are still much higher and your commute will be a nightmare, no matter where you work, unless your job is in Naperville.

Thanks,

[Anthera]

When there is an oversupply of houses (which is the case all over Chicago), sellers will either have a longer market time or will have to lower their prices(if they want a quick sale). If you think your price is fair, just hang tight and it will sell eventually.


I don't understand the Naperville bashing. Wheaton can be a nice place withut Naperville having to be bad.

[fairmarketvalue]

We are trying to hang in there and thanks for the encouragement! And as for the Naperville bashing, I was not trying to do that but my frustration lies with being on someone's short list at least 6 different times with 2nd and even some 3rd showings and then 4 out of 6 of them bought in Naperville instead. We know why, plain and simple. A little more house for the money but in the areas I spoke of in my last response. Picky buyers lose all perspective when they are looking at houses, these days, and are buying the fanciest house they can find, wherever it is, and not priortizing all the other things that they used to like schools, commute time to their employment, etc...

I love downtown Naperville, to visit. But unless I could afford to live near downtown, the other outlying ares are just truly not part of the community. Sorry yo thought I was bashing it. I didn't mean to do that.

[nanannie]

Shouldnt this thread be moved to the "REALTORS" forum?

[chet everett]

I think that some criticism is fair.

Just last night I was talking to some neighbors. They've lived in eastern DuPage, next to me, for about 6 years. They grew up in Grosse Pointe MI. When the wife's older sister got a job as an attorney in Chicago about 10 years ago it was a "given" that folks back home would know she 'made it' when she moved to Winnetka or Hinsdale. She moved to Hinsdale...

I mention this because I do find some apt parallels. A decade ago Wheaton & Glen Ellyn were just not as on the radar to the same extent as Naperville. Back then AT&T/Lucent, TellLabs, Amoco, Nalco and other prominent firms were on huge upswing. Hundreds of transfers were flooding the area and giving the national exposure to Naperville as THE place for families.

These days there is not as much difference between ANY of the towns well served by commuter rail. From Geneva through Elmhurst there are a heap of desirable towns. Similarly from Aurora through Berwyn there is a much wider range of options then there used to be.

In many towns the quality and value of the housing is outstanding, and most towns are very competitive on taxes. When it comes to schools very few are going to have mass under-performance issues (though I will argue that due to global competition ALL schools must do better...).

The amenities in virtually all the towns in DuPage have dramatically increased. Just a few years ago it was hard to get a diner-type meal in some towns, now pretty much all have some white-tablecloth spots.

The tough thing on buyers that are not familiar with the areas is that they can be like a "kid in a candy store" fretting over homes that would serve them equally well, yet no town is going to see the run-away appreciation that has ended after a record decade long streak.

For sellers I think some of the media hype IS hurting. When Barrons runs a cover story about luxury home 15% off their peak too many people assume that it now makes sense to just make bids 15% below ask, that is simplistic and in the case of homes with realistic asking prices will not result in anything but a desperate buyer accepting such an offer. While I do know that there are some buyers that are NOT motivated by any pressing need to sell (such as a well-off family trying to sell mom's old home for a killing) and these listing tend to clutter up some towns' picture, it is a fair bet that MOST sellers really just want a FAIR price and will truly accept a REASONABLE offer.

It is two days till June, in years past most of the "good stuff" was picked over and buyers that made a closing set could ease into their moves, sellers knew exactly where they stood and lots of agents could have a peaceful lucrative summer break. This year I suspect things are going to be a lot more hectic all around...

[fairmarketvalue]

Originally Posted by nanannie

Shouldnt this thread be moved to the "REALTORS" forum?

I am new to this website and didn't know there is a real estate thread. How do I find it? I tried and failed.
Thanks

[fairmarketvalue]

I think you should go around and educate realtors, buyers, and sellers on the Chicago Suburb market and you would be FANTASTIC at giving seminars to all the "negetive" coverage this industry has on how things REALLY are. Sellers like us, appreciate that not eveyone out there is in this unreasonable state of mind. Thanks, once again, for trying to "make a difference" by offering your very solid data and information to this situation. I know if we keep getting more and more people out there, such as yourself, surely this suburban market will take off again and not in a manner in which everyone is making a killing at real estate, but one that really is a slow progression of appreciation that it is supposed to be when investing in any home for the long term. Have a great Day!

Originally Posted by chet everett

I think that some criticism is fair.

Just last night I was talking to some neighbors. They've lived in eastern DuPage, next to me, for about 6 years. They grew up in Grosse Pointe MI. When the wife's older sister got a job as an attorney in Chicago about 10 years ago it was a "given" that folks back home would know she 'made it' when she moved to Winnetka or Hinsdale. She moved to Hinsdale...

I mention this because I do find some apt parallels. A decade ago Wheaton & Glen Ellyn were just not as on the radar to the same extent as Naperville. Back then AT&T/Lucent, TellLabs, Amoco, Nalco and other prominent firms were on huge upswing. Hundreds of transfers were flooding the area and giving the national exposure to Naperville as THE place for families.

These days there is not as much difference between ANY of the towns well served by commuter rail. From Geneva through Elmhurst there are a heap of desirable towns. Similarly from Aurora through Berwyn there is a much wider range of options then there used to be.

In many towns the quality and value of the housing is outstanding, and most towns are very competitive on taxes. When it comes to schools very few are going to have mass under-performance issues (though I will argue that due to global competition ALL schools must do better...).

The amenities in virtually all the towns in DuPage have dramatically increased. Just a few years ago it was hard to get a diner-type meal in some towns, now pretty much all have some white-tablecloth spots.

The tough thing on buyers that are not familiar with the areas is that they can be like a "kid in a candy store" fretting over homes that would serve them equally well, yet no town is going to see the run-away appreciation that has ended after a record decade long streak.

For sellers I think some of the media hype IS hurting. When Barrons runs a cover story about luxury home 15% off their peak too many people assume that it now makes sense to just make bids 15% below ask, that is simplistic and in the case of homes with realistic asking prices will not result in anything but a desperate buyer accepting such an offer. While I do know that there are some buyers that are NOT motivated by any pressing need to sell (such as a well-off family trying to sell mom's old home for a killing) and these listing tend to clutter up some towns' picture, it is a fair bet that MOST sellers really just want a FAIR price and will truly accept a REASONABLE offer.

It is two days till June, in years past most of the "good stuff" was picked over and buyers that made a closing set could ease into their moves, sellers knew exactly where they stood and lots of agents could have a peaceful lucrative summer break. This year I suspect things are going to be a lot more hectic all around...

[Anthera]

Originally Posted by fairmarketvalue

We are trying to hang in there and thanks for the encouragement! And as for the Naperville bashing, I was not trying to do that but my frustration lies with being on someone's short list at least 6 different times with 2nd and even some 3rd showings and then 4 out of 6 of them bought in Naperville instead. We know why, plain and simple. A little more house for the money but in the areas I spoke of in my last response. Picky buyers lose all perspective when they are looking at houses, these days, and are buying the fanciest house they can find, wherever it is, and not priortizing all the other things that they used to like schools, commute time to their employment, etc...

I love downtown Naperville, to visit. But unless I could afford to live near downtown, the other outlying ares are just truly not part of the community. Sorry yo thought I was bashing it. I didn't mean to do that.

I hope your house sells soon. I know is really frustrating when you"almost" sell it.

[355express]

Sorry you are having a hard time selling your house, but you might need to lower your price to sell regardless of comps. As far as the Wheaton/Naperville subject goes Naperville does win out as a better town, Wheatons downtown has a very hard time holding on to businesses. Wheatons downtown is not as much fun as Napervilles partly due to Wheaton still holding on to some of the dry town mentality and having their resturant/bar bar's keeping tabs of how much food compared to alcohol they sell. Wheaton does have a large compared to other towns homeless population in the downtown area which might turn people off. I think your perspective buyers are voting on which town is better and going with Naperville. Since you can't change the location of your house the only thing to do is focus on price and condition.

[nanannie]

Originally Posted by fairmarketvalue

I am new to this website and didn't know there is a real estate thread. How do I find it? I tried and failed.
Thanks

Just scroll down to General Forums. They have a forum for Real Estate and for Realtors. Very interesting perspectives on local and national markets.