Author Archives: Jared

Benefits of having an agent

Many people are tempted with the idea of selling their property by themselves to save the cost of paying a real estate agent.  So what are the benefits of having or using a real estate agent to sell your home?

First, the agent will list your home in national databases that only real estate agents will have access to, like the MLS.  This means that your home will automatically appear on thousands of websites allowing hundreds and thousands of potential buyers to see it.  Second, a real estate agent will know the Chicago market better than you, they sell and list homes every day, they negotiate for a living.  Third, they know and work with all the necessary parties that is required to sell a home.  These people range from a home inspector, appraiser, to escrow agents.  Forth, they know other real estate agents and can get the word out about our property.  This is particularly important if you have a nice home which can be solve very quickly by word of month.

Home improvement

When comparing homes to formulate your offer prices, even exact models within the same homes, you need to look and examine all of the differences between the two home.  One such factor to consider is home improvement.  If one home has recent home improvement versus another that doesn’t if everything else is the same than the one with the recent home improvement is going to warrant a higher offer price.  The most important types of home improvement would be room additions, like bedrooms and bathrooms.  Other items like floor tiles, wooden floors, swimming pools, ceramic counter tops, large bathtubs, landscape gardens must all be taken into account and not discounted.  These are the things that a real estate agent will be very helpful to have as they can guide you through the offer process.

Chicago housing market

According to the National Association of Realtors, the Chicago housing market currently has low demand with a high supply of homes on the market.  There is currently a nine to ten month supply of homes.  So those homes in good neighborhoods, school districts, near jobs and families are getting sold faster than their competitors.  With the huge supply of homes on the market and less buyers there is less buyer competition which means not a lot of bids and offers for seller to chose from.

There is a large supply of bank owned properties.  To make matters worse these bank owned properties sell for about 35% less per square foot compared to non foreclosed homes.  So there are more short sale transaction going on.

New Layout

We decided to set up a blog so that we can instantly talk about topics pertaining to the real estate market in Chicago.  We figure that this format would enable us to get the latest information to you, our readers as soon as possible.  The real estate market constantly changes in Chicago.  In the days to come we will be populating the site with informative information about realtors and property listing within the city of Chicago.