Erickson Tribune

Sedgebrook

UPDATED: Wednesday, May 14, 2008

Spring in to the selling season

Posted on Wednesday, May 14, 2008
 

By Meghan Streit
THE ERICKSON TRIBUNE

Spring is here, and temperatures aren’t the only thing rising in Chicagoland. The average selling price for houses in the area is also inching upward.

True, the real estate market isn’t inflated like it was a few years ago, but the outlook is not as gloomy as some paint it to be. In fact, in the last quarter of 2007, the average selling price for a house in Chicagoland grew 6.5% to $328,971, compared to the same period in 2006, according to the Multiple Listing Service.

If the price is right

What’s more, Illinois Association of Realtors president Kay Wirth says increased loan limits passed as part of Congress’ economic stimulus package will infuse the market with an increased number of qualified buyers.

“Home buyers now sitting on the fence should be looking at the large inventory of homes available and getting their finances in order to make a move while interest rates remain at record lows,” Wirth says.

Considering the winning combination of rising selling prices, the anticipated influx of buyers into the market, and the spike in activity that typically comes during the spring season, home sellers have a lot more to look forward to than warm weather.

This season could be a promising time to sell your house, but Baird & Warner Realtor Tom Passaro says the houses that sell more quickly have to stand out above the rest.

Older homeowners have natural advantage

“We’re finding that the homes have to be not only competitively priced, but also in very good condition to be able to compete in the marketplace,” says Passaro, who has helped several Erickson Retirement Community residents sell their houses.

Since competitive pricing is key to a successful sale in today’s market, some younger home sellers with little equity in their homes may find themselves in a difficult position. But older adults who have owned their houses for several decades and have accumulated a substantial amount of equity are in a more flexible position to sell at a competitive price.


Spring in to the selling season

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Walter Blake moved to Sedgebrook last year. He was able to sell his Palatine house by pricing it right for today’s market.

“I had a buyer, and we negotiated a price,” Blake says. “I took a little less for my house, but I didn’t sell it at a low price, and I didn’t have to lower it that much.”

Blake says an experienced Realtor who knew how to promote the house was key to his successful sale. He also says he made improvements, like installing a new roof and carpeting, to make his house more appealing to potential buyers.

Like many retirees who move to Erickson communities, Blake says he was living alone in a five bedroom house that became difficult to maintain. He says the chance to live in a community that offers abundant opportunities for socializing and many amenities, like an on-site fitness center, physician, bank, and convenience store, outweighed the urge to hang on to his house, holding out for the highest bidder.

“Don’t think selling your house is going to be like winning the lottery,” he says. “Most older people don’t have a mortgage, so how relevant is it if you get $30,000 less?”

Now that he doesn’t have to spend time maintaining a large house, Blake says he has more free time for activities he enjoys and more friends to enjoy them with. He says he works out every day at Sedgebrook’s fitness center and remains active in his Palatine neighborhood, where he still golfs, bowls, and attends church.

“There are a lot of good things going on here, and I enjoy it,” Blake says. “I’m very happy, and it is better than I expected.”

Resources for home sellers

Sedgebrook has successfully helped many people start enjoying the Erickson retirement lifestyle sooner by providing resources to help them sell their houses.

The Erickson Realty and Moving Services team is available for people moving to Sedgebrook with referrals for real estate agents, contractors, moving companies, and many other outside services people need when selling a house.

The service doesn’t stop there. Sedgebrook’s Personal Moving Consultant Deborah Warnick visits prospective residents’ houses to help them come up with ideas to increase their chances of selling. That could mean rearranging furniture, assisting them with de-cluttering the space, or providing easy redecorating strategies.

“My first step is to go in and talk to them and get to know the people, and then I do whatever it takes to get the job done,” Warnick says. “I’ve done everything from change toilet seats to change light fixtures.”

Warnick has worked in real estate for more than 30 years, so she knows what makes properties sell—and what prevents them from selling.



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