Is 2011 the Year to Sell Your Chicago Home?

December 23, 2010

Father and Son in Front of Their New HomeSo, you’ve been itching to move to a new Chicagoland home, but you’ve been hesitant to put your current home on the market. Will 2011 by your year to give it a try?

Ilyce Glink, Chicago native and real estate expert, recently posted her predictions on the

Equifax Personal Finance Blog.  You’ll want to read her “2011 Outlook for Home Sellers” for yourself, but here are a few take-aways.

First of all, the supply of low-cost homes (or homes sold at a lower price than their previous value) is likely to increase, creating greater competition for your home. Glink reports that 2010 saw a record number of foreclosures, and she’s expecting more in 2011. That means your home will have to compete with homes that have seen their value plummet. As a result, your home’s value may have dropped, too.

Second, there’s not likely to be an increase in demand. Glink projects fewer eligible buyers because of continuing unemployment. Even for those who are still employed, many have taken pay cuts. In fact, she cites a Pew Research Center study that found 55 percent of Americans now have lower incomes than in better times.

Another drain on demand will be the many who have recovered financially, but only because they went through a loan modification, short sale, foreclosure or even bankruptcy. Those folks may now have the income and cash to buy, but their credit will prevent them from securing another mortgage loan so soon.

Learn more about Glink’s predictions and those of the National Association of Realtors’ incoming president at the

Equifax Personal Finance Blog.   But keep in mind that the predictions focus on national trends. How do you think Chicago will fare? Is this the year to put your home on the market? Let us hear from you!

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This is a great time to buy if you are in the position to do so. If you are selling your home, using the right real estate professional is a must.

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