Article
What is Your Condominium Worth
The real estate market has seen a downward trend in the recent past in which Chicago condominium sales have gone down by 33% since last year. Currently it is a buyer’s market since there is more supply than demand. Consequently Chicago condominium buyers are biding their time and waiting for prices to bottom out before making any deal. If you are in need of cash and are motivated to sell your condominium fast, you can turn these conditions to your advantage.
In the haste to sell your unit you should not forget your goal to sell your condominium without losing money. In early September American Investor, a major real-estate developer, held a two-hour lottery to unload 150 condominiums at Lake Street, selling them at a discount of 20% below what they would have asked last spring. In this way, a significant amount of otherwise stagnate property was able to sell.
There are still several sellers who are living in the past and expecting to rake in the kind of profit on their Chicago condos that was common in 2003 and 2004. It’s a buyer’s market now and with the number of available homes in Chicago currently twice what it was a year ago, 126,986 compared to 61,107, buyers can confidently walk away from any asking price they think is too high and the developer has no choice but to agree to what the buyer wants.
People are always on the prowl for a nice, comfortable home to live in, and buying property is certainly a better deal than renting so these are a few factors that will aid you in selling your property. If you want to sell your Chicago condominium in today’s competitive buyer’s market, your unit needs to be priced right. The most accurate and time-tested method for setting your home’s price correctly is by using “comps”, that is, comparative valuations to see what recent buyers in your area have been willing to pay for homes similar to yours.
This method is used by professional real estate agents to ensure home sale prices are congruent with ongoing market prices. This gives you an obvious advantage in attracting buyers. While others may be stuck paying mortgages on condos they don’t want for as long as even a year, you will be counting the cash you made on your successful sale!
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