The Congress – Early Bird Gets the House Sold

We made the 5:30pm flight from Fort Lauderdale to Chicago to avoid any possible cancellations. I don’t travel that much, but this year we’ve had three flights canceled. When I traveled in the ’90s for 35 weeks a year over a nine-year stretch, I don’t ever remember having three flights canceled in a year.

Anyhow, there was no way I wanted to miss the White Sox playoff game last week. Sure enough, our plane was delayed three hours. Fortunately, it wasn’t a weather issue (meaning the airline would have to pony up), and the flight took off.

We got to our hotel, the Royal Sonesta River North, at 11:30pm. I gave my name to the lady at the registration desk. She said there was no record of me and asked me what address I had. Half asleep, I said 505 North State. She said this was not the Royal Sonesta, even though the address was correct. Not too worried, I showed her our reservation that was booked through Hotels.com (Expedia). “Ah,” she exclaimed. “The hotel was sold last week. So sorry.”

Stunned, I said, “Huh?” and asked what we were supposed to do. She told us to try “The Congress.” Not trusting whatever “The Congress” was, I called Hotels.com while my daughter called every other hotel in Chicago. The problem was, Chicago was sold out.

Basically, the Chicago Marathon was going on that weekend, and Hotels.com said there wasn’t much they could do because the new 505 Hotel was playing silly games by saying, “It’s not our fault. Good luck!”

By 2:30am, we realized we had no choice but to head to “The Congress.” Jade looked at the reviews and said, “Dad, it’s haunted.” The Congress was built in the late 1800s and, at one time, was a prestigious grand hotel where several presidents stayed. The problem is that it literally hasn’t been updated since the late 1960s. Peeling wallpaper and paint. Creaky doors. Wide, uneven floors. Drapes along the hallways that looked something out of The Shining. The shower holder fell off, and so did the inside door handle. Lots and lots of documented suicides of people jumping out of the building. The 11th and 4th floors (it’s said) had the most prevalent paranormal activity. Thankfully, we were on the 7th. We didn’t meet the Judge who supposedly resides there and walks around with television remote controls trying to open guests’ doors.

Lots to learn here. 5:30pm isn’t early enough these days. Get on the first morning flight the day before if you absolutely need to be there. Book with the hotel directly instead of through a third party. Pay in advance rather than paying on-site. All lessons learned!

As the car carriers come down, homeowners are now thinking about putting their homes on the market. The same degree of preparation, thinking, and planning will make a difference in how much one nets and whether the house sells.

This season is an unusual one if you are selling. Here are 5 reasons to consider preparing sooner rather than later.

1. November 3

Amendment 3 will be decided on November 3rd. If it passes, there will be a frenzy of buyers scrambling to buy a home and close by the end of the year to establish residency and avoid the new five-year wait to qualify for the $250,000 versus $50,000 tax exemption. Once that period passes, the urgency to purchase will subside. The frenzy to get homes on the market and deal with a rush of photography, video, brochures, and other marketing could be madness. A bad weather stretch and back up of available admin with Thanksgiving, and all the other winter holidays are things one has to consider.

2. Staging

Most of us need time to stage the house. Everything from landscaping and pressure washing to getting rid of knickknacks and sorting our closets. The more time you have, the better.

3. Feedback

Listing early helps you get a sense of the market and pricing. It’s easier to make adjustments once you understand how the market will react.

4. Low Inventory

The baseline inventory year over year will go up. Mortgage rates were 6% in March. Now they are nearly a point and a half higher. Fewer people can afford to buy, or they have diminished purchasing power. Expect more inventory. That means, as a seller, you have more leverage today than you will have later, unless rates drop.

5. Inflation

Inflation now is at 3.7%. Homes are not going up at that pace. If prices stay the same, you are losing money. If you are cashing out, at the moment, it makes sense to sell early. I don’t see this season as a dire straits situation. A 1–2% difference isn’t going to break the bank for most people. Florida also has a lot of cash buyers. However, if someone can’t sell their home in Philly, then it creates a bottleneck in the system, preventing them from moving here. More sales begets more sales. Less sales begets less sales.

As for our trip, not only did my White Sox lose the game we went to but got swept the rest of the way. The Curse of the Congress! The good news is I sleep like a baby now without worrying about baseball and have time for work right in time for season. Time is on your side right now. Don’t dilly dally and get caught with your home on the market late in season which can be a frightening situation.