Wayne Beals

To answer your question more specifically, in Wilmette, 26 single family homes closed last year with a contract date between Thanksgiving and the Superbowl. Price range was $271k to $4.3M. - Yesterday, 10:16

As an agent, I historically stay pretty busy during this period. It's not unusual for buyers to come out to view homes when they have more potential time away from work.

If your looking to sell, you should definitely keep the house on the market. Undoubtedly, serious buyers feel they can get their best deal during the holidays.

If you're looking to buy, it's a great market and a great time of year to get a good deal. - Yesterday, 10:07

Some are listed with brokers, and others are not. The ones that are not listed can often be found at auction sites. I would highly recommend using a skilled buyers agent to help you navigate a purchase contract. Many of the auction companies that sell direct require a certified funds deposit on a successful bid. Many times this money is non-refundable, and as a result, you could find yourself in a bind if you don't prepare ahead of time. A good agent can help you understand what you're agreeing to.

Cynthia raises a good point. Many properties sold as foreclosure have been damaged in some way. If the damage includes vital areas like kitchens and bathrooms, mechanicals, etc, they may not be able to be financed with your average residential mortgage. If your going to consider these properties, you should have already been pre-approved with a lender who can get you construction financing (conventional or 203K) if you don't have all the cash to purchase and rehab.

Feel free to contact me and I'll share one of the best auction sites and help you understand the process in more detail. - Yesterday, 06:59

Very likely the monthly rental price. - Mon Nov 17 2008, 11:43

I agree with most of the commentary previously posted, however, it's important to point out what defines a "good value."

Asking price may be a good value, or it may be set too high. Many factors can create long market times. For example, a seller may have recently lowered the price to a more attractive level, which may initiate multiple offers.

When considering a purchase, it is tremendously important to examine the most recent comparable sales to determine how much the property is worth and the strength of demand. Before you put a lower than asking offer on the table, regardless of how much off the asking price, it's important to know how much you are willing to pay to end up with a good value. The only way to determine value is by analyzing the comparables and market conditions. You have to balance the perfect place at the best price. If you haven't done your homework ahead of time, you will not be able to react to a counteroffer quickly. The phrase, "strike while the iron is hot" come to mind. If you react too slowly to a seller counteroffer, the seller may have fished out another offer, found a tenant to lease to instead, or any number of other situations can cause the seller to lose interest in selling at a loss.

Engage a diligent agent in your search an you will find that you will confidently navigate your way to the perfect home at the perfect price.

Best of luck. - Mon Nov 17 2008, 07:49

Thanks for the commentary...I try to give straight forward advice, and it's nice to be noticed for it.

I absolutely agree that a realistic pricing strategy is essential to getting properties sold in the current market conditions.
Also, 100% agreed that this market does not follow the all the traditional rules. Kenwood and Hyde Park have a complicated micro-economy. They are subject to market forces that simply don't exist in other markets. I could go on for a long time on this one, but brevity is a desirable trait, and my value as an agent is somewhat intertwined with my experiences over the years.
I also agree that it is incumbent on the buyer to make the final decision as to what they want to pay. An agent that simply ask "what's it worth to you?" when pricing is not diligently assisting his or her client. It is one of my responsibilities to provide the necessary information and context that forms a basis for their decisions.

Whether representing the seller, or the buyer, my clients and myself always pour over the comparables to make an informed decision in regards to the offering.

As a agent that takes great pride in my fiduciary responsibility, it's my charge to represent the interest of my client as diligently as I can. With buyers and sellers getting further apart on terms over the past couple years, it is even more important to "dig in" to ensure diligent representation and the best outcome for my clients. That said, and I hope you've gathered this from some of my other commentary on Trulia, it is also important to make sure that my client has a very accurate snapshot of pricing, competition and other market factors and indicators at the moment of crafting an offer and a listing. Ultimately, the offering is up to the client. It is up to me to choose to represent the business or move on. In a very emotionally charged real estate environment, I have been a fortunate agent in that the vast majority of my clients have been very pragmatic and straightforward.

I'll look into the List Price/Sale Price ratios and see how they stack up in other conditions. My experience has been that the gap has expanded in recent months, but was much closer, and sometimes reversed (where the SP was higher than the LP), in the past.

Thanks again for the feedback.

Feel free to contact me anytime. - Mon Nov 17 2008, 07:21

A keen observation.

Perhaps a lot of the reason behind this can be attributed to the fact that many of the properties on the market currently were listed and priced with comparables that were higher from an earlier period. Recent closings indicate the need for prices reductions and initiate lower buyer offers (buyers usually check the comparables before making an offer).

Over the last six months, Hyde Park and Kenwood have averaged exactly 89.74% of list price for closed single family homes.

Compare this to Lincoln Park which has averaged exactly 93.18% of list price for the same period.

Over the past three months, all lakefront communities from Rogers Park to East Chicago have averaged 91.56 % of list price at sale.

I do agree that list price versus sale price in Hyde Park and Kenwood has a larger gap than average, but it is not as much as you would believe from the examples that you have seen.

I have worked in Hyde Park and Kenwood for the past five years. Sellers traditionally don't price their properties with these ratios in mind. They are hopeful for "top dollar," regardless of market conditions and what "top dollar" is. As far as I can tell, these ratios show that sellers in Hyde Park and Kenwood have become more negotiable in regards to offers.

This would be a GREAT time to buy your dream home in Hyde Park and Kenwood, given the data. Find the home you want, check the comparables, and make an offer.

Best of Luck and, as always, contact me for further assistance. - Mon Nov 10 2008, 07:21