Astaria

The condo market has collapsed. Since mid-2006, the condo sales frenzy in big cities like Washington, D.C., Las Vegas, Miami and Boston has rapidly run out of steam. Sales are stuck in neutral, a tsunami of new construction has drowned the market in unsold inventory, and prices have either flattened or begun to fall. And while there are signs that the worst of the housing slump may be improving, as construction slows and interest rates remain affordable, there seems to be no relief on the horizon for condo markets. Across the country condominium sales have seen worse drops than single-family properties: 13.6 percent from November 2005 to the same month in 2006, while free-standing homes fell 10.7 percent in the same period. Inventories are up 38.1 percent for condos but only 29.6 percent for individual homes, according to the National Association of Realtors. The national m sell my house fast edian price – half the condos sold for more and half for less – has seen no improvement in the last year: it was at $224,600 in November, unchanged from November 2005. The Chicago condo market-just like the national real estate market in general-is overflowing with unsold inventory. The most recent data available shows that there are well over 90,000 Chicago homes and condos available for sale. With conditions like this working against you, you’ll have to work smart and hard to beat your competition when marketing your Chicago condo. Here are the 7 best strategies we’ve found that you can use to attract qualified buyers: 1) Go and see the competition firsthand. Also, get a Realtor’s help-or do some internet research-to find condos for sale in your neighborhood. Know what prices other people are asking. There are many ways to check out condo values, and buyers know them all.