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Jena Radnay
@properties Christie’s
How can buyers get a leg up in this market? No. 1: Cash is king. No. 2: Make as many premature concessions as possible, whether that’s an as-is deal, a shorter inspection period, or more earnest money. And No. 3: Give sellers what they want on timing. If they want to do a rent-back for two to three months, do it. Be flexible.
What’s the best strategy for making an offer? Look at what homes are closing at now. Looking at comps from last year is not nearly the indicator it once was. Prices are changing too quickly. There are historically high prices on properties that we’ve never seen before.
Paige Dooley
Compass
What small thing can be a turnoff to buyers? The entryway is where people first encounter your property, and often where they’ll linger after the viewing. Make sure your door is freshly painted, the walkway is swept, and there are no bugs around the lights. The little things make a difference.
How can buyers get a leg up in this market? When the seller has a choice, they’re going to choose surety. There are products where banks will fully underwrite you in advance.
What’s driving this high-demand market? We’re seeing two different audiences competing for the same houses on a regular basis. Baby boomers are retiring, and there’s been a shift to them still wanting to keep a presence in the area. Those people are selling a house but also buying a smaller one, competing with the largest consumer group impacting real estate: the millennials.
Michael Hall
Baird & Warner
How can buyers get a leg up in this market? In addition to getting a letter of preapproval from your lender, you can get fully vetted. That means the lender has received and reviewed your income taxes for the last couple of years and has your recent W-2s. Then when your agent presents the offer, they can say there won’t be any surprises.
What’s the best strategy for making an offer? Make a cash offer with the option to obtain a mortgage. We’ve seen that be extremely successful. But only do it if you’re absolutely positive you can pay cash or qualify for the loan. It’s great for the seller because they don’t have to worry — they can start packing.
What types of properties are most in-demand right now? The condo market is still a hot tamale. Every condo is flying off the shelf, sometimes for $80,000 to $100,000 more than an identical unit sold for a few months ago. We’re seeing buyers who were going to buy a single-family home but don’t want the high property taxes and so are looking at top-floor condos or duplexes instead.
Dawn McKenna
Dawn McKenna Group, Coldwell Banker
How can sellers get the most for their houses in this market? Your property needs to be curated and beautiful, and that means painting, landscape, design, and everything else. With buyers having to pay heavily over list, you want them to be confident that the property is in the best shape it’s ever been in.
Grigory Pekarsky
Vesta Team, Vesta Preferred Realty
How can buyers get a leg up in this market? Come in with the mindset that you’re willing to do a little more work, because so many buyers aren’t willing to see past paint or countertops.
What’s a big pitfall for buyers? Waiving the inspection is the dumbest thing you can do. Instead, you can always do an as-is bid or not ask for repair credits.
What neighborhoods are popular with buyers right now? Printers Row is on fire. The Loop is on discount, but in pockets around Google, it’s starting to take off a little. When that hits, it’s going to be absolutely bananas.
What other neighborhoods will heat up in the coming years? West Rogers Park. Albany Park. The South Side has a lot of growth opportunities — Bridgeport, Bronzeville, Pullman. Here’s how to tell what will blow up next: Look near areas blowing up now. Like with Avondale, go a bit farther northwest to Jefferson Park.
Tommy Choi
Weinberg Choi, Keller Williams
What small thing can be a turnoff to buyers? Door hangers, menus, political fliers, and whatnot in the entryway. It gives the impression that the people who live in the building must not care enough to pick up the garbage. Also: sports memorabilia. As neutral as you may think it is — “I’m in Chicago, it’s the Cubs!” — it can come off as polarizing to someone who’s a White Sox fan.
How long should a seller wait before cutting the price? The strongest influence on where you rank on aggregator sites like Zillow and Redfin is how new the listing is. Day 15 is when you start to see diminishing returns. That’s when we introduce new pricing strategies.
How can buyers get a leg up in this market? I always say “speed to lead.” Sometimes you see a gamesmanship mentality of “If we put our strong offer in now, aren’t they going to leverage that against other people?” Sure, maybe. But the fact that you’re willing to put your best foot forward right away can be an advantage. You want to remove any friction for the seller.
