All of Chicago real estate is crazy right now – buyers are out there in droves…
This weekend, I had buyers who put in an offer on a property they liked – they were 1 of 5 offers! No, they didn’t get it – someone overpaid. Let’s hope they have a large down payment, because the property likely won’t appraise out.
Condo Sales – Median Sales Prices
Here are median sales prices in my Primary Market Area (see map of it below)…
There is only a 2.9 month supply of homes. Remember, a 6 month supply is a BALANCED market – neither a buyers’ nor sellers’ market. This is definitely a sellers’ market!
# Condo Sales – Homes Sold
The number of homes sold is at a 10 year high!
Market Time (Days) for Condos
And, as you would guess, the market time is LOW LOW LOW – 27 days on average.
% Sales Price of (Last) List Price
Yes – properties are selling for almost list price! Here, we’re looking at properties between $250,000 and $550,000…
They’re selling for 98.9% of list price — and that’s a median number — many are selling OVER list price!
What does all this mean for you?
For Condo Home Sellers –
If you are on the market, but you don’t have an offer, something is very wrong. Call me and let’s move forward!
If you are thinking of going on the market, you need someone who can navigate through this market- getting you
- the highest price possible,
- with no appraisal/loan problems,
- with a buyer that doesn’t get cold feet!
There are definitely tactics to do this – give me a call and I’ll explain how we can accomplish this!
If you own a condo, now may be the time to cash in – explore your options… call me today!
For Condo Home Buyers –
You MUST work with someone who can guide you –
- Don’t overpay just because the market is busy!
- Be the first in a newly listed property!
- Work with someone in the Top Agent Network, who uses the MRED Private Listing Service, and networks with colleagues to find new properties before others!
- Learn how to write winning offers and negotiate to your best advantage!