It can be very hard to know if you’re ever making the right decision when it comes to buying and selling real estate. Are you asking the right price? Are you getting the best deal possible? Is it better just to ask enough for a quick sale or ride out the market and try to get the most? There are few neighborhoods in Chicago where the housing market is exploding like it is in Logan Square. The neighborhood commonly tops market reports for quick sales and solid appreciation of home values. However, some sellers seem split on which direction to take when it comes to selling.
This classic brick two-flat on Kimball is without a doubt a very attractive home and sports some nice extras like an oversized lot. When it listed in June, it hit the market asking $775,000. Considering that greystones and other similar properties closer to the square have been fetching that much in recent months, the ask didn’t seem to be too zealous. A couple of weeks later, it took its first price drop, lowering the ask down to $750,000. Then a month later, the home knocked $1,000 off. Eventually, after a couple more price reductions, the ask dropped down to $700,000. However, it has returned after a short absence from the market, and instead of returning with a lower ask, it’s now seeking $729,000.
The home has very solid bones and could certainly produce a solid rental income as-is, but is the price right on this one?