It’s not easy to sell that condo
It’s tough to sell any kind of home these days. But the condo remains a particularly tough sell, especially in cities where there happens to be a glut of available condos on the market.
Such as my hometown of Chicago.
The Chicago Tribune ran an interesting story yesterday about the dizzying number of condos available for sale in the greater Chicago area. According to the story, as of Sept. 1, there were about 37,000 condo units available for sale in the area. That’s bad news, of course, for sellers. Buyers have their pick of condos. They can hunt for the most affordable.
That’s the key, I guess, to selling a condominium these days: You absolutely can’t overprice it. You may think your condo’s worth $300,000. But if your real estate agent is telling you that units just like yours are selling for just $280,000, you better listen. Otherwise, your condo will be just one more in the glut of unsold units clogging the marketplace.
Tags: Chicago-Tribune, condo market, condominiums, new-construction condominiumsRelated Stories
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