Chicago & The North Shore Real Estate Markets are Hot! "Prices Going Up Fast"

 Nothing about real estate is normal or always makes sense. Real Estate has one true formula based on demand, location, and need. Currently our market is in high demand with a lack of inventory, thus home prices are going up.

What prevents most real estate from not selling is condition of the property and over pricing. In this market if any property for sale has not received an offer or multiple offers within the first 30-60 days on the market, its a good chance the property is over priced for it's condition and location. This applies for lower cost real estate to Luxury home prices in the millions of dollars.

Working with a very diverse client base buying and selling real estate in the City of Chicago and the North Shore area gives us a unique perspective of the real estate market as a whole.

What Buyers Need To Do: If you are purchasing real estate in a particular area the first thing you need to do after you determine your price range, is have your real estate broker prepare for you a Market Activity Report that shows you exactly what is happening in the area or areas you are interested in. After that you have to go and see several properties. By doing this you will get a feel for the real estate market and have a much deeper understanding of why and what prices these properties are selling for. It's really important for you to have this knowledge so when you find the place you really want to buy, you won't lose it to someone who offered more money than you. This is not a low ball offer market, if you like it so do several others.

What Sellers Need To Do: First of all buyers today are looking for places that are clean and in good condition. This does not mean you need to re-model your property however it needs to be pristine clean and uncluttered. Buyers get distracted with messy places that also have every room and wall filled with stuff. Do you want a buyer to judge your home or your things, to many "things" takes away from feeling the flow of the property.

Buyers are paying more money for the real estate that is updated and has all the bells and whistles as they can close, move in, and not have to spend more money.

Before you place your property on the market your real estate broker should prepare for you a "Cloud Comparative Market Analysis" This is a very comprehensive report that starts out with a Map of every transaction around your immediate area for a 1 year period that has sold and is currently for sale. This report should include full listing details, interior and exterior pictures, and the report concludes with sold data and active data comparisons so you can place your property pricing somewhere in this information. We go a little deeper with our clients and break down selling prices with a cost per square foot and than add or subtract for condition and location. I'm not anal but I am a fiduciary for our clients and they deserve every piece of knowledge we can give then to make an educated decision.

Before you hire any broker to work with you when you are buying, selling, or both it is very critical how fast they respond back to your call-email- or text.
If you don't receive a fast response time, you have a lot more to think about.

Michael Zakin is the Principal / Managing Broker of G3C1 & Company representing buyers, sellers, and investors in both residential and commercial real estate. The companies area of service is Chicago, North Shore, North, and Northwest suburbs.

Questions are always welcome with no strings attached.

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