he condo market has for condos but only 29.6 percent
collapsed. for individual homes, according
to the National Association of
Since mid-2006, the condo sales Realtors. The national median
frenzy in big cities like price — half the condos sold for
Washington, D.C., Las Vegas, more and half for less — has seen
Miami and Boston has rapidly run no improvement in the last year:
out of steam. Sales are stuck in it was at $224,600 in November,
neutral, a tsunami of new unchanged from November 2005.
construction has drowned the
market in unsold inventory, and The Chicago condo market—just
prices have either flattened or like the national real estate
begun to fall. market in general—is overflowing
with unsold inventory. The most
And while there are signs that recent data available shows that
the worst of the housing slump there are well over 90,000
may be improving, as construction Chicago homes and condos
slows and interest rates remain available for sale.
affordable, there seems to be no
relief on the horizon for condo With conditions like this working
markets. against you, you’ll have to work
smart and hard to beat
Across the country condominium your competition when marketing
sales have seen worse drops than your Chicago condo. Here are the
single-family properties: 13.6 7 best strategies we’ve found
percent from November 2005 to the that you can use to attract
same month in 2006, while qualified buyers:
free-standing homes fell 10.7
percent in the same period. 1) Go and see the competition
Inventories are up 38.1 percent firsthand. Also, get a Realtor’s
help—or do some internet your Chicago condo. It’s the
research—to find condos for sale details that sell.
in your neighborhood. Know what
prices other people are asking. 4) Make brochures with a “look”
There are many ways to check out similar to your website’s and
condo values, and buyers know reference your website in them.
them all. In today’s market, if Hand the brochures out whenever
you overprice your Chicago condo, you can.
it absolutely will not sell.
5) Offer to pay ALL your buyer’s
2) Pay for an appraisal of your closing costs. Most buyers are
Chicago condo that sets it at the able to afford a mortgage
highest possible value, and use payment, but many have problems
this appraisal in your coming up with large amounts of
advertising. Check around for cash up front. The savings you
similar condos in your area, and offer could be a huge help to
ask for 5% less than all your potential buyers.
competitors.
6) Send postcards to everyone in
3) Build a website for your condo your building letting them know
(or have one of your nieces or your Chicago condo is for sale.
nephews do it). It’s cheap and If the people who get your
fairly easy to do. You need to postcards have friends or family
have material on the members looking for a condo,
internet—that’s where more and they’ll pass the word along. And
more buyers are going to search a lot of people like to live in a
for condos. Feature a lot of building where they know someone.
pictures of you and your family Check your Yellow Pages under
enjoying the place, and include “Advertising—Direct Mail” to find
as much detail as you can about a company that will handle this
for you. your condo.
7) Promise your selling Realtor a Use these simple—but
closing bonus—make it $2,000 or powerful—strategies to get your
more. Realtors only get paid when Chicago condo noticed by
a deal closes, and the majority qualified buyers . . . to set an
of Realtors are part-timers who asking price that they can’t turn
only close on 1 to 3 homes a down . . . and close the deal.
year. Make up flyers to advertise You’ll be sitting back counting
your offer and send them to all your money while your
the real-estate offices near you. competitors’ condos sit for
When Realtors see your bonus months on the MLS.
offer, they’ll work hard to sell
About the Author:
For more information about the Chicago real estate market and selling your Chicago condo, visit http://www.bestchicagocondos.com.
Read more articles by:
John T. Ormond
Article Source: www.iSnare.com 
