Asked by Kelly, Chicago, IL • Fri Dec 14, 2007
What is it? I understand that this area is relatively stable, and was not hit like certain suburbs, and definitely not as badly as CA / FL / Las Vegas areas... but what can I expect from sellers in this market? Are they willing to accept lower offers?
The condo I am interested (South Loop) in is overpriced, in my opinion. They are asking 20% more than they paid for it at the peak of the market - March/April 2005. It has been sitting on the market for nearly 60 days with no offers & very few showings (probably 2). What do you think I should offer in this case? I think it's unreasonable for them to expect their property to have appreciated much in the past 2-3 years. I was planning to take about 15% off of asking price, so they would come out just a bit ahead of what they purchased it for. They are about to lower the price soon, probably, according to the realtor.
Any advice would be appreciated.
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