Will Condo Market be Slower to Recover than the Market for Single Family Homes?

June 18th, 2009 categories: Chicago Neighborhoods, Chicago Real Estate News, For Buyers, For Homeowners, For Sellers, Housing Market

We’ve seen plenty of signs that the housing market in both Chicago and across the nation is starting to recover. Home sales are up. Sales are happening at a faster pace. This is all good news.

But one segment of the Chicago housing market will probably recover a bit slower than the rest: the condo market.

Chicago isn’t alone in this. According to a report by the National Association of REALTORS®, condominium and co-op sales were down significantly in April when compared to the same month one year earlier. The sales of existing single-family homes were down, too, but not by nearly as much.

According to the REALTORS® association, resale condo and co-op sales across the nation were down 9.4 percent in April of this year when compared to the same month in 2008.

In Chicago, especially in the downtown city market in high-rise condominiums, the news was just as bad when it came to condo sales: The Chicago Tribune reported that more than half of the new condo developments in downtown Chicago either had sales canceled or failed to make a single sale during the first quarter of 2009.

What does this mean if you own a Chicago condo? For one thing, you need to price your condo correctly if you want to sell it. There is a lot of competition on the market for condos in Lincoln Park, Lincoln Square, Lakeview, Roscoe Village and other top North Side Chicago neighborhoods – which includes a number of newly constructed units that are generally very attractive to buyers.

Secondly, your condo needs to be in top shape. There are plenty of new and nearly new condominium units on the market in Chicago’s top neighborhoods today. Your condo has to be in top condition to compete with these units.

If you’re shopping for a condominium, the sluggish sales are good news. You’ll find an incredible inventory of unsold condominiums from which to choose. Sellers will be willing to negotiate on everything from sales price to closing date. It’s a great time, then, to be buying a condo in Chicago.

Of course, whether you’re buying or selling a condominium, it’s best to work with a skilled REALTOR® who knows your neighborhood. If you’re selling, this REALTOR® will help you set the right price. If you’re buying, a REALTOR® will help you you’re your perfect condo while helping you negotiate a fair deal.

PLEASE CLICK HERE TO VIEW PROPERTIES NOT YET ON THE MARKET.

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