Well the weather outside may be frightful, but it seems the local real estate market is hot!
“If a seller is really motivated to sell their home, now is a good time,” said Catherine Simon-Vobornik, an agent with Baird & Warner in Oak Park. ”It’s definitely a hotter market than I expected it to be.”
Last January’s market was “pretty dead,” said Simon-Vobornik. “But this year, I have been so busy.
“It’s not easy as there are slim pickings this time of year,” she said. “I do have buyers looking, but there’s not a lot of inventory.”
Selling a home in winter is one of the best-kept secrets, said Scott Berg, managing broker at Berg Properties in Oak Park. Many agents recommend taking a home off the market throughout the winter to try again in spring, Berg said. This, of course, leaves limited inventory.
Although the level of activity (number of showings) may not be as strong, the buyers who look in winter tend to be more serious, Berg said.
“Relocation buyers and growing families that are running out of space do not care that it is cold outside,” said Berg. “Sometimes a divorce will trigger a need to move during a winter month.
“Motivated buyers do not care what the weather is like,” said Berg. “They are moving!”
Therefore, sellers can take advantage of reduced competition in the winter market place, said Berg.
“I have a seller in Oak Park that has had 13 showings over the last three weeks,” said Berg. “That’s four showings a week during the time of year that included the Christmas and New Year’s holidays.”
Winter market buyers usually have a reason to buy, and they more than likely need to buy now, rather than later. Listen up sellers, because that leaves you in a great negotiating position. The National Association of Realtors (NAR) — and common sense — tells us that the supply of homes for sale increases dramatically in the spring.
Hey brother, can you spare a dollar? If so, you can buy a vacant lot in Austin, providing you’re a resident there already. Austin is a neighborhood with great potential. I got to know it a bit while taking a class on and in the neighborhood in graduate school.
If you own land in Austin, you can buy up two vacant lots from the city of Chicago for $1 a lot through the city’s Large Lots program. The lots have to be on the same block as land you already own, and individuals and organizations can apply but churches are not eligible. Only one application will be accepted per property deed and the deadline for applications is Jan. 30.
But you can’t owe Chicago any money, including property taxes, water bills, or parking tickets. Additionally, you’ll have to pay property taxes based on the lot’s assessed value, you have to own it for at least five years before selling, and you can’t use the lot for commercial purposes.
But what a phenomenal deal and idea! For more info visit www.LargeLots.org or call (312) 744-0363.