Chicago Magazine's Deal Estate Columnist gives WCL the lowdown on the housing market.
In the years since the housing market started declining, buyers and sellers have found that a lot of the old rules of real estate no longer apply. Dennis Rodkin researched what rules do apply now, and he found that, among other things, sellers need to let go of the idea that what they paid for the house in the past can in any way dictate its present value, and that buyers should be looking at homes they can live in and grow into over the course of many years rather than expect to be able to move on soon if their lives change. He also found that there's no shame in advertising a home's price as being less than you paid for it a whole back, or lower than the appraisal; signaling to buyers that you know how far home values have come down is a way of telling them you will negotiate realistically.
For all 7 of Dennis Rodkin's New New Rules of Real Estate, pick up Chicago magazine's October issue, on newsstands September 15.
Deal Estate: The Blog is the online extension of Chicago magazine's monthly "Deal Estate" column, which is written by Dennis Rodkin. On the blog, Rodkin?who has been covering the local housing scene for Chicago since 1991?provides timely updates on new homes to hit the market, recent high-end sales, and other residential real-estate news from the city and suburbs.