Following the footsteps of IPO and Trojan in Chicago: Panda's quest to unload his townhome.

Give us some background on how you priced your listing. Is that what it comps for in your neighborhood? Are you high, middle or low compared to everyone else?
 
Irvinehomeowner, here is my local competition.



<a href="http://www.realtor.com/realestateandhomes-detail/Des-Plaines_IL_60016_1095984238">http://www.realtor.com/realestateandhomes-detail/Des-Plaines_IL_60016_1095984238</a> - 1700 square feet townhome

<a href="http://www.realtor.com/realestateandhomes-detail/1127-Walter-Ave_Des-Plaines_IL_60016_1100630587">http://www.realtor.com/realestateandhomes-detail/1127-Walter-Ave_Des-Plaines_IL_60016_1100630587</a> - same builder - 2550 square feet - phase 2 (3/2.5 bath)

<a href="http://www.realtor.com/realestateandhomes-detail/1123-Walter-Ave-Unit-1_Des-Plaines_IL_60016_1102055804">http://www.realtor.com/realestateandhomes-detail/1123-Walter-Ave-Unit-1_Des-Plaines_IL_60016_1102055804</a> - same builder - 2550 square feet phase 2 (3/2.5 bath)

<a href="http://www.realtor.com/realestateandhomes-detail/1208-Harding-Ave-Unit-1208_Des-Plaines_IL_60016_1100831475">http://www.realtor.com/realestateandhomes-detail/1208-Harding-Ave-Unit-1208_Des-Plaines_IL_60016_1100831475</a>



In 2008, the townhomes in my development have been closing between $385,000 - $399,900. The two townhomes left over from our builder is not as desirable than the phase 1 town homes as there are more open space, fire place, and a third full bathroom. The builder had to rent out one of the townhomes as he could no longer carry the cost.



Harding Ave. is my real competition as it is new contruction, but the largest plan is only 1700 square and selling for $379,900. I think my townhouse is the largest brick town homes in my area (2450 square feet), and I don't think that the two left over townhomes by the builder will not compete with mine as they are literally left over. I think that i am definitely priced in the lower end.



If i close at the lowest closing price in 2008 of $385,000. After the 4% commission we will be down to $369,600. My purchase price was $359,500 in 2003 so i will be still slightly above water.
 
Dude... if you really want to follow in the steps of IPO and USC... you need to give us more updates!



It would be interesting to compare the Chicago real estate process to Irvine's.
 
[quote author="irvine_home_owner" date=1234501193]Dude... if you really want to follow in the steps of IPO and USC... you need to give us more updates!



It would be interesting to compare the Chicago real estate process to Irvine's.</blockquote>


If you don't give us more updates, you'll have to write a 3-part series of your whole experience.
 
[quote author="Roo" date=1234515173]If you don't give us more updates, you'll have to write a 3-part series of your whole experience.</blockquote>
And only chickens do that. The manly men do realtime play-by-play.
 
[quote author="irvine_home_owner" date=1234501193]Dude... if you really want to follow in the steps of IPO and USC... you need to give us more updates!



It would be interesting to compare the Chicago real estate process to Irvine's.</blockquote>


Dudes and dudettes, let's just say that the Panda is not pimpin it like IPO and USC, who closed the deal in less than a week. I only had only two showings so far :(.... I am crossing my fingers that the massive stimulus package allows banks to start borrowing again. It seems that no one is lending right now. What is a Panda to do? Give away my town home for FREE?
 
The idea that that no one is lending seems so foreign to me. Many of the things I am reading in the media just don't seem to be true for those around me. A friend of mine just received a letter that increased her credit card limit. The agents I know just aren't having a hard time finding financing for their clients. Is anyone else seeing a drop in people's ability to finance items? I'm just not seeing it. Maybe it's different in other parts of the country. Someone enlighten me. And Panda, still wishing you luck.
 
[quote author="PANDA" date=1234527330][quote author="irvine_home_owner" date=1234501193]Dude... if you really want to follow in the steps of IPO and USC... you need to give us more updates!



It would be interesting to compare the Chicago real estate process to Irvine's.</blockquote>


Dudes and dudettes, let's just say that the Panda is not pimpin it like IPO and USC, who closed the deal in less than a week. I only had only two showings so far :(.... I am crossing my fingers that the massive stimulus package allows banks to start borrowing again. It seems that no one is lending right now. What is a Panda to do? Give away my town home for FREE?</blockquote>
How is the market right now in ChiTown? Is there a lot of inventory available? How about just your neighborhood?



Regadless of pimping... information like this is good to read (although not good for you personally) because it gives us some insight on how the RE market is outside of our area.



Are you considering a price reduction? From the IPO experience... it may be better to price closer to your bottom line price to generate some interest. It's how banks do it all the time... listing a below market price just to get some buyers bidwarring with each other.



What is your agent telling you?
 
Skek,



How much do you think I should lower the price. The feedback i got was that the price seems right in line with the market and positive but no offers yet. Do you think i should drop it $50,000? IHO, after commissions and fee, how much were you under water? Skek, I could definitely drop it now, but i think we may have 3.5 - 4% mortgage rates here pretty soon. Any suggestions?
 
[quote author="PANDA" date=1234587193]Skek,



How much do you think I should lower the price. The feedback i got was that the price seems right in line with the market and positive but no offers yet. Do you think i should drop it $50,000? IHO, after commissions and fee, how much were you under water? Skek, I could definitely drop it now, but i think we may have 3.5 - 4% mortgage rates here pretty soon. Any suggestions?</blockquote>


Panda,



<strong>(+1)</strong> According to Realtor.com, in 60016 there currently only 278 3+ bedroom homes available for buyers today on the market.

<strong>(-1)</strong> Yours comes up, ranked in price, as #222.

<strong>(+1)</strong> You have good photos,

<strong>(-1)</strong> but just 9 of them (out of a maximum 25). You come up 66th of 278 if searching by that method, 7 pages deep.

<strong>(+1)</strong> You have a video tour, which is good (You come up 33rd of 278 if searching by "featured tours.")

<strong>(-1)</strong> You have 4 levels in your home.

<strong>(+1)</strong> You have a nearly new home in a good area.

<strong>(-1)</strong> MAINTENANCED? That can easily be corrected.



It may be helpful to ask, "How many people are viewing my home online?" There is a report, I'm sure, from your broker's personal website and from Realtor.com that can tell you exactly how many people are viewing. You are not coming up early in any manner of search... and you've got to get people to your home for them to bid on it. If they aren't seeing it, they won't get there. If they are seeing it, and they're still not coming, then that tells you even more.



You may also ask yourself, "If 3.5-4% becomes available for financing, how does that affect my product <strong>differently</strong> than the rest of the products on the market?"

A rising tide raises all ships.



We're all rooting for you Panda.
 
<em>The feedback i got was that the price seems right in line with the market and positive but no offers yet.</em>



Time to lower it Panda. If it was "priced right", you would be getting offers.



Hey, why hasn't your realtor fixed the MAINTENANCED yet? AND THE CAPS !!



Good feedback IR2.
 
[quote author="IrvineRealtor" date=1234592012][quote author="PANDA" date=1234587193]Skek,



How much do you think I should lower the price. The feedback i got was that the price seems right in line with the market and positive but no offers yet. Do you think i should drop it $50,000? IHO, after commissions and fee, how much were you under water? Skek, I could definitely drop it now, but i think we may have 3.5 - 4% mortgage rates here pretty soon. Any suggestions?</blockquote>


Panda,



<strong>(+1)</strong> According to Realtor.com, in 60016 there currently only 278 3+ bedroom homes available for buyers today on the market.

<strong>(-1)</strong> Yours comes up, ranked in price, as #222.

<strong>(+1)</strong> You have good photos,

<strong>(-1)</strong> but just 9 of them (out of a maximum 25). You come up 66th of 278 if searching by that method, 7 pages deep.

<strong>(+1)</strong> You have a video tour, which is good (You come up 33rd of 278 if searching by "featured tours.")

<strong>(-1)</strong> You have 4 levels in your home.

<strong>(+1)</strong> You have a nearly new home in a good area.

<strong>(-1)</strong> MAINTENANCED? That can easily be corrected.



It may be helpful to ask, "How many people are viewing my home online?" There is a report, I'm sure, from your broker's personal website and from Realtor.com that can tell you exactly how many people are viewing. You are not coming up early in any manner of search... and you've got to get people to your home for them to bid on it. If they aren't seeing it, they won't get there. If they are seeing it, and they're still not coming, then that tells you even more.



You may also ask yourself, "If 3.5-4% becomes available for financing, how does that affect my product <strong>differently</strong> than the rest of the products on the market?"

A rising tide raises all ships.



We're all rooting for you Panda.</blockquote>


IR2, does it help if i had 20 pictures instead of only 9. I brought this up to the agent and he told me that 9 is more than enough. I am not sure if it was a cost issue or not. My agent gave me 400 emails of the buying agents in the area. I am working on an email campaign to send out to these buyers probably one a month. IR2, what are some guerilla marketing strategies where i can bring my home up higher in the search ranking in realtor.com. You can have a wonderful product, but if no one knows about it, you can't move it. My ideal time to move out of Chicago would be June of '09.



Thank you so much for the feedback IR2.
 
<em>I brought this up to the agent and he told me that 9 is more than enough</em>



If your realtor isn't listening to you, it might be time to find a new one.
 
[quote author="tmare" date=1234532312]The idea that that no one is lending seems so foreign to me. Many of the things I am reading in the media just don't seem to be true for those around me. A friend of mine just received a letter that increased her credit card limit. The agents I know just aren't having a hard time finding financing for their clients. Is anyone else seeing a drop in people's ability to finance items? I'm just not seeing it. Maybe it's different in other parts of the country. Someone enlighten me. And Panda, still wishing you luck.</blockquote>


There is plenty of lending...to the right people like it should have been all along. If you have solid income, good credit history, money in the bank, then getting a loan is easy as pie.
 
[quote author="Trooper" date=1234593781]<em>I brought this up to the agent and he told me that 9 is more than enough</em>



If your realtor isn't listening to you, it might be time to find a new one.</blockquote>


I don't know if it is because I got his commission down to 4% from 5%. I do know that he sells more homes than any other agents in the northwest suburbs of Chicago.
 
[quote author="PANDA" date=1234527330][quote author="irvine_home_owner" date=1234501193]Dude... if you really want to follow in the steps of IPO and USC... you need to give us more updates!



It would be interesting to compare the Chicago real estate process to Irvine's.</blockquote>


Dudes and dudettes, let's just say that the Panda is not pimpin it like IPO and USC, who closed the deal in less than a week. I only had only two showings so far :(.... I am crossing my fingers that the massive stimulus package allows banks to start borrowing again. It seems that no one is lending right now. What is a Panda to do? Give away my town home for FREE?</blockquote>


Maybe it's a blessing for you to stay in Chicago, which I might add is my favorite city. I would trade places with you. The weather here is fantastic, but the latest stunt to increase my taxes in order to support 3.2 immigrants that add no value to the system is taking a toll on me.



Business is fleeing out of California faster than our economy is sinking.
 
Panda, I don't know if this will help you - but when I sold my home last spring, I operated under the notion that the house must be the best-looking home on the block and at the best price. It worked, as I had several offers the first day it was listed. Keep us posted. I am wishing you much success.
 
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