Home Selling in 60607>Question Details

Archana, Both Buyer and Seller in Chicago, IL

Is mrkt really bad in chicago area for condos?

Asked by Archana, Chicago, IL Thu Aug 16, 2007

Our two bedroom and 2 bath condo is in market for 90 days and have not received single offer. Many people saw it and they seemed to like it too.

Help the community by answering this question:

Answers

2
Hi Archana,

There are nearly 200 2 bed/2bath condos on the market in your zip code alone right now. In the past 12 months, 254 2 bed/2 bath condos have sold, with an average market time of 131 days. So it isn't that the market is bad -- as you can see, condos are selling -- it's just that you have a lot competition!

A few things to consider:

You say people have seen your condo and seemed to like it... did you get actual feedback (a valuable tool so that you can see your home through a buyer's eyes!) to determine what they may NOT have liked? If so, do you see a pattern and is it something you can improve?

Because the market is saturated with condos, how can you make yours stand out?

Is it priced competively?

How are you screening the people that come to see your condo (assuming you are selling 'by owner')? Do you know that they are serious buyers, or you perhaps getting a lot of 'window shoppers'?

Yes, it's a buyer's market right now, and sellers are experiencing some average market times of 4-6 months. But if yours is priced right and you're getting activity, you will get an offer.

Good luck!
1 vote Thank Flag Link Thu Aug 16, 2007
Archana,
Buyers often like every home they visit, but the ones they like the most when there's similar properties to choose from are those that are priced lower. If you've had good traffic and no offers after 90 days, price is your issue. As market time increases, any offer will be lower than your asking price. As a seller, you've likely reviewed comparable sales when establishing your asking price. Today you need to look at the current inventory to see if asking prices are lower than sales from a year ago. The market is very efficient and buyers have the ability to physically view and compare 20-30 homes. Unless you've done the same, you don't know your competition as well as the buyers you're hoping to sell to do. They're telling you they like it but not at this price. Good luck going forward.
Web Reference: http://www.KDRchicago.com
0 votes Thank Flag Link Mon Aug 27, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer