This little piggy went to market…

For homeowners trying to sell, the present market can be trying. For a variety of reasons, buyers are fewer than they were a year ago, and much fewer than they were before that. Some buyers are having difficulty getting financing. Some are sitting on the sidelines, waiting to see if prices will drop in Chicago. And others are waiting for their own homes to sell.

Sellers have to learn to be patient in this environment. An over-priced condo will definitely not sell, but a well-priced condo doesn’t guarantee a buyer either. Currently, in Lakeview, there are 1077 condos listed for sale. In the last month, 176 condos sold. That means there’s more than a 6 month supply of condos on the market. This is actually an improvement over figures from a year ago. There simply are too few buyers.

However, this situation is guaranteed not to last. At some point, as the market returns to equilibrium, the number of sellers and buyers will return to balance. When that happens, sellers who already have their homes on the market will be the first to benefit.

To read more on the current market, check out this Chicago Tribune article.