Eagle Ridge Subdivision - Oak Lawn IL.

April 2023 Market Update For Eagle Ridge Subdivision - Oak Lawn, IL.
Median home value this month is $430,000

March 2023 Market Update For Eagle Ridge Subdivision - Oak Lawn, IL.
Median home value this month is $390,000

FEBRUARY MARKET UPDATE 2023

January market activity included:

the sale of 10841 Lockwood which was originally listed way over market at $439,000. The property sat on the market for 92 days and went through several price reductions before receiving a below asking price offer of $365,000.

The sale of 10824 s Long originally listed at $369,900 sold for $370,000. These sellers were having a home built and wanted a rent back. I had clients who LOVED this house and had offered asking price with an escalation clauses to pay more than any other competing offer not to exceed $375,000. When we made the offer there were no other offers and I had asked the listing agent if the owners would be interested in doing a 2-1 buy down which is where they pay 7,000 in this case to buy down the interest rate because they love it and if it’s off the table we won’t ask. The agent told me to just write an offer and he would let us know. Which is why we wrote the offer with it included and attached a rider to remove the credit and escalate purchase price over ask. This is very sad that the communication with the agent and agent to the seller lacked because this seller could have received more money.

10804 Lockwood just sold for $515,000 after 97 days on market for $490,000

COMING TO MARKET February 6th and currently on the private network is 10809 Loreal a home very similar to 10804 Lockwood. They are listed at $525,000. Will they get it 🤷‍♀️ but my personal thought as an expert realtor is no. This home from photos looks more dated than it’s comparable that just sold for $490,000. If a property sits on the market 90+ days and sells under ask and you intend to list higher. I would hope the property would be more updated, have a wow factor (pool, whirlpool bath, gazebo, fountain, elevator, ect.) or be larger. The idea of listing higher because of fear to sell short is something a skilled realtor should be able to help you navigate. A home that is listed right at or under market value is going to be more desirable which drives up demand creating a multiple offer situation over the market value.

Does your realtor keep you informed? Do they know your community? Are they a skilled negotiator? Do they understand economics and marketing?

If you are reading this, my marketing caught your eye. Give me a call. (815) 212-4326.

My motto is “ALWAYS COME FEOM CONTRIBUTION”

my clients become life long friends beyond the transaction. Every year, I give back to them and our community.