Evanston IL Condos Appreciating or Depreciating Market?
In an appreciating market, there is a lot of buyer energy chasing a limited amount of inventory. This pushes selling prices up. Buyers are being funneled through the limited inventory, all wanting the same property – creating a sense of urgency. Graphically, in this type of market, the Blue columns are taller than the Red.
In a depreciating market, there is an abundance of inventory and little buyer energy. Buyers have their pick of inventory and there is no sense of urgency. This pushes selling prices down. In this type of market, the Red columns are taller than the Blue.
Setting The Optimum Price
Properties that are priced aggressively will sell much faster than over priced condos. We have seen condominiums that were priced at close to the market value get multiple offers and in the end sell for a much higher price. In fact they will get multiple offers.
Similarly as you can see by the graph at the end of this piece the inventory is low and there are more buyers than property. This is the perfect example of a sellers market. People wishing to move will be able to get a good price for their property.
At the same time the home has to be priced fairly and have good documentation. That includes a complete set of professionally taken photographs and a floor plan would help. A document that shows any upgrades and home items that were repaired or replaced is very important.
In conclusion If this advice is followed along with the great market conditions we have for sellers, your condo will sell quickly. If you have any questions about this process or would love to see a CMA, please call us. This is a Comparative Market Analysis to help determine the price your property will get when for sale.
Understanding what similar properties have sold for and are currently for sale is the key to success.
Call us day or night at (800) 858-7917. Check out our site at Coldwell Banker Evanston.