How’s the Chicago real estate market? How are single family home sales in the 60640 zip code of Chicago? Often, we track by neighborhood – Andersonville, Lakewood Balmoral, Edgewater, Uptown… For this article, I’d like to use 60640. It incorporates the southern Edgewater/Northern Uptown/Eastern Lincoln Square Neighborhoods, and I think it makes sense for single family home buyers who’re looking just north of Lakeview and Lincoln Park.
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The market time for selling a home in 60640 is lower than the any time in the last 6 years. Right now, homes average 69 days on market.
Median Sales Price
Median sales prices are up! The highest median sales price recorded in this area was $740,000 – achieved both in April and October of 2009 (yes — higher than in 208!). Last month, sales hit $727,500 — 60640 has come back strong!!!
Yes — inventory is LOW! That’s what’s helping to drive prices up, of course. Lots of traffic and demand, but little inventory. In August, 2009, 13.9 months of homes were on the market. For the last 12 months, there have been less than 3 months worth of homes on the market – compared to a “stable” market of 6 months.
What this means for you…
If you’re buying –
- Pick and choose your home carefully. It’s not the percentage off list price that matters, but the price you pay compared to the 3 most similar recent sales within 1/2 mile of your house.
- Use property alert systems to see when homes go on the market – be ready with your mortgage pre-approval ready to go.
- Don’t wait, as much as you may be afraid that the good values are gone… THEY’RE NOT! Appraisers can’t make you pay OVER the value – prices may be inching up, but they’re still great in general.
- Pick an UGLY house! Homes that need a little cosmetic care – new carpet, paint, kitchen makeovers go for much less than shiny new pennies. Check out IKEA hacks for ways to cleverly redo a kitchen – a little “sweat equity” goes a long way to improving your investment!
- Interest rates are still LOW, and they’re projected to rise. Since your monthly payment is largely due to the interest rate, take advantage of buying TODAY if at all possible.
If you’re selling –
Pricing Notes: You still need to price your home AT the market, not over. This is critical for 2 reasons:
1. The appraiser will only allow the bank to loan based on appraised price, not the amount you hope to get (or a buyer is stupid enough to offer). As they say, pigs get fat and hogs get slaughtered! Enticing a buyer to overpay by a large amount only results in cancelled contracts, angry buyers, and longer market times because the property has to be re-listed.
2. By pricing AT the market, you may get buyers into a bidding war. This gives you a chance to get not just a great price, but a chance to negotiate the terms of your contract – the closing date you want, a quicker inspection time, and fewer requests for credits after the inspection. A happy buyer makes for a smooth transaction!
3. Pricing your home at a fair market price means your home will sell quickly. I just sold a home in Sauganash where the sellers thought they’d have to get rid of the family bunny to stage their home. They were on a waiting list to give the bunny away, but VOILA! We sold the home in one day, to very excited buyers. While bunny went on a weekend visit to Michigan, she’s now safely ensconced back home and blissfully waiting to move to her new home. Selling quickly can save lots of headaches!
Realistic Expectations: Don’t think that everyone will buy your home just because there are fewer properties on the market. Today’s buyers are savvy and educated. Every property is different, and like always, the first 3 weeks your home is on the market is CRITICAL. If it doesn’t sell then, have a serious talk with your agent – something is wrong. If you don’t get a contract in the first 3 weeks- your price is wrong, you’re not well staged, or something else is preventing you from enjoying a successful sale. In this market, if a home’s still available after 60 days, buyers think something is tragically wrong with it, and they may avoid even showing your home.
|1701||Farragut||6/23/14||$449,900||$449,900||1800||8||6||31 X 53||No|
|1946||Berwyn||7/9/14||$474,500||$474,500||0||4||9||25 X 125||No|
|1922||Summerdale||7/15/14||$475,000||$460,000||1068||20||8||25 X 126||No|
|4890||Paulina||6/19/14||$769,000||$745,000||4828||310||12||40 X 165||Yes|
|1916||Farragut||8/8/14||$819,900||$808,000||3100||18||9||25 X 125||No|
|4889||Hermitage||6/13/14||$889,000||$850,000||0||22||8||33 X 165||Yes|
|4722||Paulina||6/19/14||$939,000||$975,000||0||6||10||38 X 183.3||No|
|1352||Winona||5/23/14||$1,200,000||$1,163,000||4000||117||11||30 X 125||Yes|