Chicago homeowners feeling slump in real estate market
A slump in the housing market is one of the major reasons for plunging stock prices. Investors are still nervous, following Thursday’s three hundred point drop, the Dow Jones industrial average dropped more than 200 points Friday.
Jeff Haidu has lived in his Lincoln Park home for three years. Now, he and his wife are building a new home in the suburbs, and the last thing they want to get stuck with is two mortgages. So, the couple is starting early, listing their home for sale months before their new home will be ready.
“I’d love to sell sooner rather than later, but hopefully it works out,” Haidu said.
Haidu is working with broker Jeff Parise who says selling now is more challenging. He also says he’s had to be more creative and patient.
“A lot more time spent marketing property. It’s good for people to take their time, but frustrating for sellers who have a time line,” said Parise.
“II have conservatively told my clients they should start marketing way in advance, before they actually need to really make that move if they already have a contract on the new construction,” said Alex Chaparro, president of the Chicago Association of Realtors.