Everyone Loves A Bargain: House Hunt

When you're selling your home, pricing is the biggest hurdle. Too high, and you risk your home sitting on the market for months, even years. Too low, and you have the nagging fear that you're undervaluing your biggest financial asset.

It's a brave new realty world out there, and a sadder one for sellers. Most experts say that we are now looking at home prices comparable to those of 11 years ago. It's hard to face the fact that most of the equity that we watched balloon up during the hectic Aughties has deflated back to the prices we experienced at the turn of the millennium. Party like it's 1999 ... yes, indeed.

The most valuable advice I can give you is to look at the "comps" -- prices that homes comparable to yours have sold for in the surrounding area. Be assured that your potential buyers have done exactly that. You won't sneak much by them, especially not an inflated sales price.

A very good, honest recent article about Chicago area home prices can be found in Chicago Magazine.  It's a rough read if you're a seller, but a necessary one.  Find it here:

• Real Estate 2011: House Prices in Chicago and the Suburbs