Answers - Real Estate

Of all the decisions required when selling your home, the most important these days could well be choosing the initial listing price.

“Our agents are largel

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

y unanimous in saying that the biggest challenge sellers face in the current Illinois housing market is avoiding the temptation to overprice their property w

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

en it is first listed,” reports Jim Merrion, regional director of RE/MAX Northern Illinois.

Overpricing a home is a big risk these days, contends Julie Wenz

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

el of RE/MAX Town Lake and Country in Freeport, Ill. The reason for the risk, she says, “is that each property has a short window of time when it is going t

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

attract the maximum amount of attention. Once a property has been on the market more than 60 days that window closes and it is more difficult to get it sol

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

d right now though that may change somewhat as the spring home buying season gets into full swing in Illinois.”

According to Sherry Justice of RE/MAX ‘10’ i

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

Home Glen, Ill., homes that sit on the market for months can become difficult to sell even if the listing price is adjusted to a realistic level because buy

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ers will shy away from homes that have been on the market for an extended period.

“Buyers today are better informed than ever before,” Justice says. “They

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

re getting daily updates on the Chicago-area housing market prices through Internet research or directly from their agent, and with so much inventory to choo

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

se from, they will quickly see how well one house stacks up against properties with a similar list price.”

Therefore, deciding on the right price can be mor

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

art than science in what experienced real estate agents agree is a rapidly changing market in Northern Illinois real estate.

“When you do a market evaluati

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

n prior to determining a list price for a home, the information you use must be current,” insists Marc Perlove of RE/MAX Villager in Glenview, Ill. “Any sa

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

le more than six months old shouldn’t be used because the market for Chicago-area homes has changed substantially since then. I recommend basing a competiti

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

e market analysis on sales that closed in the prior three months, and even then you have to be aware of the trend shown in the most recent sales. Are prices

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

for that type of property in that area holding steady, rising or falling? Whatever the trend, you have to take it into account.”

Overpricing a Chicago hom

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

may be more of a risk today than in years past, but it certainly is not an unusual impulse.

“Every seller wants to get a bit more than their Realtor tells

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

them the property might bring,” acknowledges Jan McNulty of RE/MAX Suburban, Mt. Prospect, Ill. “It’s just human nature, and it might not make a big differe

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ce if that ‘bit more’ is within 2 or 3 percent of the list price suggested by the agent. It’s when sellers try for 5 percent more that they run into real tr

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ouble in this market.”

Avoiding these mistakes can be the main factor in how well a home is received on the real estate market in Illinois. With warm weath

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

r approaching, and more and more buyers out to shop, now may be the necessary time to get an educated opinion on how to initially price your home in Illinois

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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