Selling condo in Chicago 'burbs- no buyers?

Question

My condo has been on the market since March, and I really need to sell it (i'm sure there are many in the same boat!) I am getting married soon, and my fiance has a 3-bed condo in Lakeview where we plan to live.

My condo is a 2-bed/2-bath in Palatine, IL. I bought it 2 years ago for $161,000. I have listed it on many online sites "by-owner" ($164,900); and I have a relator listing it as well for ($168,900). I really don't want to PAY someone to buy the condo, and I've listed it for rent as well- no takers.

It's in good shape, freshly painted & cleaned. No pets & No smokers. It's the lowest priced unit in my complex (as compared to the same model) Is there something I am overlooking? help....

Answer 1

Sounds like you purchased it when the price was really inflated. There are houses in my neighborhood (I live IL too) that have been for sale for over a year. You may need to be re-evaluate the value of your home. You will be lucky to sell it for what you paid for it.  

Answer 2

Don't give up!  That is not even 6 months yet...do your best to rent it in the meantime.  Maybe try a lease with option?  I LOVE Lakeview and it is great that you are moving there...a lot of the burbs in the Chi area are taking a hit as many downtown workers are seeking "digs" closer to the city.  I live in WI and frequent IL (Chicago area) every weekend, so I know a little bit about the market there...I hope this works out for you!

Answer 3

Stage the condo. Do lots of flyers in the grocery stores, etc. It may inappropriate in today's market to expect a profit on a property you bought at the peak of the boom. How bad do you want to sell?