Tuesday (Jan 22) Brokers Open:

It's still very quiet. Less than 50 houses in Wilmette on tour, including condos (over 14 in Mallinckrodt alone). Evanston had a few more but not many NEW. The news in the financial markets has a lot of people jittery and others just scratching their heads. Rates are still very low; inventory is relatively high and there are some good houses on the market. So why the inertia?

My thought is that Buyers are "gun-shy" and Sellers are hoping for someone to fall in love with their house and pay a premium (but they're still sitting on the market). Not a good cycle. Interestingly, Mindy and I have already been involved in multiple bid situations this year. We believe that if a house is priced appropriately, it will attract the attention it deserves and, logically, it will sell. Usually quickly. Further, it will beat the general market's average's - for Days on Market, for the Sold Price/List Price ratio...for attention. And the Seller will be happy to move on.

What I see in the market is that many houses are still priced at the upper end of their range. In a slow(-er) market, Agents and Sellers need to be sharp on their numbers, have a logic for their price and be ready to deal. I saw a house I think will be a good indicator of the market: 522 Central in Wilmette. It was new this week and priced at $879,000. It offers a lot. It needs updating, new appliances, some cosmetic work but someone could move in and not do any work for a year. I think it's priced well, or at least in the ballpark. How this house sells will give us a good sense of how strong the market is.

Let's watch.

DS