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Pricing Your Chicago Condo for Sale

As a property owner looking to sell a downtown Chicago condo, your main concern is getting as much money from the sale as possible. However, pricing your condo to sell is somewhat of a science, and unless you price it just right, you could find yourself with no prospective buyers for months. This guide will help you determine how to price Chicago luxury condos to sell quickly and for an amount you’ll be happy with!

Estimate the Value of Your Condo

Understanding what your condo is worth will help you decide whether or not it’s a good time to sell. You will want to get a comparative market analysis and condo appraisal from a professional. These estimates will be based on what other condominiums in your area, similar to yours, have sold for recently. They will not take into account any other issues that may affect your condo’s value, such as damages that need repair, etc.

Lake Point Tower Condos skyline view

Lake Point Tower Condos for Sale

Get the max you can for your Lake Point TwoerGnegotiations.

You most likely understand what determines condo values. When you purchased the condo, you did so for investment purposes, assuming it would hold its value or increase over time. Inherent value is different than property value (market value), which depends on many more factors listed below:

  • Neighborhood and Community
    A nice, safe and centrally-located neighborhood will typically maintain property values over time, and will likely appreciate over the years. Likewise, a community with great businesses (restaurants, entertainment venues, etc.) nearby with a perceived desirability by current buyers will tend to maintain steady condo prices year after year.
  • School Districts
    Property taxes are used to pay for schools in the neighborhood, so it’s easy to determine if a neighborhood will maintain its value by the quality of schools in the area.
  • Zoning and Planning
    Property values can be affected by zoning decisions and development plans by the city and/or neighborhood association. If a new Wal-Mart is being built down the street, you could very well see a decrease in the number of people looking to buy in your neighborhood.
  • Transportation
    This is very important. Potential buyers will be looking for easy freeway access and public transportation nearby. This can be a great boost to property values if you’re in a centrally-located area.

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