Chicago real estate agents tend to keep their homes on the market longer – and make more money when they finally do decide to sell. This is just one of the intriguing findings from University of Chicago economics professor Steven D. Levitt’s book Freakonomics. An article published in the Sun-Sentinel yesterday discussed Levitt’s insights into the world of Chicago real estate.
When looking into how Chicago real estate agents conduct themselves when they have their own homes on the line, Levitt discovered that, on average, realtors were willing to leave their own houses on the market for an extra 10 days. By taking the extra time, they brought in an extra 3-4% on the sale of their homes.
If your Chicago real estate agent is pressuring you to sell quickly, remember that he or she may have more than just your bottom line in mind. Chicago real estate agents don’t stand to gain even nearly as much as you do from a small uptick in the selling price of your home. So don’t be afraid to hold out a little bit longer to make a lot more money on the sale of your home.
