Sue Fox, @Properties. Direct 773.816.1788

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How to sell your Chicago condo in 2012

filed under: Chicago home prices, Chicago home sales, Market conditions, North Center, Sellers posted on December 16th, 2011

274 DAYS LATER...

274 DAYS LATER... This unique 2-bedroom/2-bath Roscoe Village condo, located in an intimate 3-unit Victorian building, hit the market in June 2010 -- not a great time to list a condo in Chicago. Besides missing the spring market when most home-buyers are out looking, this one also missed the $8,000 tax credit the government gave to first-time buyers who signed a contract by April last year. Demand was really low by the summer, and this condo -- which included an office, back deck, large backyard and parking -- did not sell until the following April, 274 days later. By then the price had dropped from $350,000 to $300,000.

With the spring home-buying season right around the corner, it’s time for all you home sellers out there to put your plan into action for 2012. Selling property in Chicago, especially a condo, has gotten quite difficult, and every year there are thousands of perfectly nice condos that linger on the market without attracting a buyer. Here are some important steps you can take to make sure yours isn’t one of them:

1) Time it right: Chicago has a seasonal real estate market, with most properties going under contract during the first half of the year. In Chicago, the “spring” home-buying season starts early. Every year, I start getting calls from potential buyers as soon as New’s Year’s Day — and this year, I’ve even gotten a bunch in December. Despite the cold (and often despite heavy snow), many Chicago buyers throw on their winter coats and go house-hunting throughout January and February. The buyer traffic picks up even more after the Super Bowl, usually held during the first week of February. So if you are a home seller, aim to get your home onto the market sometime between January and May. By the summertime months, home sales start to decline and they are usually much slower by the fall. Often, the properties that take ages to sell (and endure multiple price cuts) are the ones that hit the market in the second half of the year, when not many buyers are out looking.

2) Stage it right: Many Chicago condos tend to be rather small, or short on storage or closet space. But even the larger ones, with 3 or more bedrooms, could benefit from the eye of an experienced realtor or home stager. We know what people like. By and large, buyers want to see clean, open spaces, free of bulky furniture that eats up the space, crowded counter tops, and stuffed closets. In this market, your condo literally needs to look like a developer’s model — beautiful, spare, tasteful, spacious. Imagine the rooms in a Pottery Barn catalog. Now is the time to rent a storage space or haul all your extra stuff out to your parent’s basement. Please get rid of all clutter and unnecessary furniture, and this often means items you don’t perceive as clutter or furniture that seems necessary to you. When you are trying to sell your condo, you often must spend months living with half your stuff in storage, as inconvenient as that is. Believe me, buyers don’t want to see that desk you had to cram into your bedroom because there was no other place for it, or that huge square ottoman that’s taking up half your living room floor. Reduce, reduce, reduce. Your condo will be much more attractive to buyers and will sell more quickly.

3) Price it right!!! This is by far the most important thing. Even a ratty old condo that hits the market in early October will sell if the price is low enough. Assuming you have something much nicer to sell, it is still IMPERATIVE that you price it correctly, which means: In line with what similar condos in your neighborhood have actually SOLD for in recent months, or slightly lower. It does NOT mean: what you paid for it, or what you owe. Those numbers are not relevant to the current market. If you aren’t sure what your condo is worth today, please call me at 773-816-1788 and I’d be happy to prepare a Comparative Market Analysis and bring it over. Unfortunately for sellers, Chicago home prices have fallen back to levels last seen a decade ago, which means most people who bought their condo more recently are either underwater (owing more than the property is worth) or forced to sell for less than they paid. Buyers today are a hesitant bunch, with little sense of urgency or desire to compromise on their wish list, and they will skip right over properties that are overpriced.

One last thing: If you are underwater on your condo but still need to sell or rent it, please let me know. I can help walk you through the various options so that you can move on with your life!

Written by Sue Fox //

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