Condo Sellers: Action Required

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There’s a problem in the Chicago condominium market for sellers - I’ll let these snippets do the talking:

“Home sales during the rest of the year will be lower than earlier projections…”

“We’ll probably see prices dip temporarily below year-ago levels as the market works through a build up in housing inventory.”

-David Lereah, chief economist of the National Association of Realtors

“New-home sales should to drop 16.1 percent this year to 1.08 million…”

-seekingalpha.com

“…the average price of a house rose by only 1.2% in the second quarter, the smallest gain since 1999.”

-The Economist

…And the kicker:

“In the Chicago area alone more than 95,000 properties are on the Multiple Listing Service of Northern Illinois, fully 40 percent more than a year ago…”

-Chicago Tribune

With all these homes flooding the Chicago Market and slowing the increase in prices, it would seem we’re on the brink of a Buyer’s Market. I can just see you condo owners out there looking to sell sigh with resignation. But let me show you one other thing that will definitely act to raise your spirits:

“The past year has seen the sharpest slowdown in the rate of growth since…1975. Even so, average prices are still up by 10.1% on a year ago.”

-The Economist

10.1% higher! Even if you bought your condo last year you’re still looking to make a handsome profit if you sell now. I wouldn’t wait for the market to get any cooler - and it certainly looks like this slowdown in the housing market isn’t going to go away. Sellers who act quickly will likely escape the brunt of the situation.

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