Received an email yesterday from a Sauganash homeowner whose property has been on the market for sale since the beginning of summer, apparently with no significant buyer interest. His question to me in the email was: “How long should it take to sell this property? I was told that neighborhood sells itself.”

No question about it, Chicago neighborhoods like Edgebrook and Sauganash are indeed magnets for home buyers who are looking to own a slice of the suburbs in the city. And there are quite a few of these buyers out there. However, that doesn’t mean that the basic rule of supply and demand is going to bend out of shape just because these folks are interested in owning a house in Sauganash or Edgebrook. In Sauganash, for example, we are looking at an MSI (Months Supply of Inventory) of 12.4, right now. That means if no more homes came on the market for sale, it would take 12.4 months to sell off the existing inventory that’s for sale. In Edgebrook, the MSI currently stands at 6.7 months. These are metrics that describe a buyers market, more so in Sauganash than in Edgebrook: There is more supply of homes than there is demand, at the moment.

Deal with it? Roll over, and die? Wait until next year? Hardly! I mean, it’s not like Sauganash became a hellhole overnight, and now all of a sudden, we have a massive challenge on our hands to find buyers for properties in this neighborhood. Granted, the peak summer selling season is winding down, as many families who were looking to relocate and get their kids situated in local schools, have already purchased and settled down. Thus, the already limited pool of potential buyers has shrunk even more, and many sellers are now facing a similar situation like the home seller who emailed me. But, real estate sales are not as seasonal as they once used to be, especially in a large metropolis such as Chicago, where a relatively strong labor market provides for a perpetual stream of workers who relocate here year round, and want to buy a home.

Remember a few years back (I’m talking late 90′s) when you were buying your condo or single family home, and your Realtor told you: “The bad news is that there are 14 offers on the house that you just bid on. The good news is that the sellers picked your offer. Congratulations!” Back then, you were so elated with your victory that you barely perceived the pain of paying $20,000 over asking price. After all, you figured that you’d live there for 5 to 7 years, and then it’d be your turn to be in the drivers seat. Well, it’s about 7, 8 years later now, but you’re not in the driver’s seat, as you had planned. Today’s buyers are. The proverbial shoe is on the other foot.

It’s not all doom and gloom though, but the rules of the game have changed. Just like buyers in the sellers market back then were able to eventually purchase a home, your home too will eventually sell in today’s buyers market. To make it so, you need to keep a few important things in mind:

1. The current glut of inventory on the market means that your property has a lot of competitors, all of which will be considered by serious and financially qualified buyers. And that includes unrepresented sellers (FSBOs). Today’s buyers know they’re in the driver’s seat, and they’re ready and willing to capitalize on their advantage, just like sellers did a few years ago. For sellers, this means that your property needs to be priced at, or slightly below current market value, in order to be competitive. Of course, if you have built substantial equity in your home over the years, this course of action won’t hurt you, financially. Alternatively, you might be facing a short sale situation, which is no afternoon at the beach, but still a much lesser evil than foreclosure.

2. Unless you’re planning an “As Is” sale, your property needs to be in impeccable condition. For years and years, Realtors have been impressing on sellers the ideas of uncluttering, cleaning, painting, and repairing, to prepare their homes for sale. During the days of the sellers market, these concepts may have been afterthoughts. They are definitely imperative now. Curb appeal no longer serves as a means to net you $10,000 more, but determines whether or not buyers will consider your property at all, on their short lists.

3. Commissions are negotiable. They always have been. Always will be. But if you are planning on interviewing Realtors to sell your property, please keep in mind that this is not the time to hire a Realtor, based on the lowest quote that you receive. As mentioned above, there are tons of homes for sale on the market. Unlike in a sellers market, properly exposing and promoting your property online and offline to a buyers market requires more of your agent’s advertising dollars to distinguish it from all these other properties, not less. Base your hiring decision on the Realtor’s marketing plan which should be tailored to your specific property, and should include a relevant and meticulous Comparative Market Analysis (CMA). You will eventually succeed!

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