Hi, everyone. This is Harry with Condo Focus Illinois. One of the main questions that we receive from clients is, should I sell my Orland Park and Tinley Park, Illinois condo in this market? In today’s post, we’re going to share some high level pros and cons to selling your condo in this market.
1st Reason to Sell: Reason number one for selling in this market are the high profits. As we all know, the current market in Orland Park, Tinley Park, Frankfort, and surrounding suburbs heavily favors the sellers. Inventory levels across the state are extremely low, and because of this, Orland Park and Tinley Park property buyers are aggressively competing for properties that do come on the market. The result, many properties that fit the needs of the buyers are selling at or over the asking price, meaning unusually higher profits and the ability to sell your condo fast!
2nd Reason to Sell: Reason number two for selling your condo in this market is that you will sell your condo fast! With current market conditions in Orland Park and Tinley Park, combined with low inventory levels across Illinois (and nationally), when a good property does come on the market, condo buyers tend to move quickly, especially if the property is in great condition. In many markets like Orland and Tinley Park, it is not uncommon to see condo-owners get full price offers within hours of listing their property on the market.
3rd Reason to Sell: Another reason for selling your condo in this market, the attractive interest rates. If you do decide to sell your condo, chances are that you’re going to be in the market to buy your next property that you’re going to be living in. If that is the case, one plus point is the fact that interest rates are generally lower compared to where there were years ago. Earlier this month, the Fed did announce an interest rate increase, but even with the rate hike, the rates are still considered lower compared to previous historic levels, which might serve as an incentive to buy your next condo.
: Reason number one for not selling your condo in this market is the limited inventory. As we all know, inventory levels for condos across the nation are extremely low. Because of this, condo buyers in this market have to be aggressive and agile. If you do sell your condo in this market and are now looking to buy a condo in Orland Park and Tinley Park, you may have to wait longer than usual to find your next condo. Condo buyers these days are constantly scanning the market for properties, so if you do find a property on the market that you like, be prepared to act quickly
: Another reason for not selling your condo in this market is the sell high, buy high principle. One of my favorite sayings of all time is what’s good for the goose is good for the gander. Naturally, if you’re selling your condo at a high profit, chances are that when you look to buy your next condo in the same market, you will likely pay a similar price for your next condo. Especially in the Orland Park and Tinley Park markets. One of the ways condo sellers are mitigating this issue to preserve their profits from selling their condos is moving into areas where property values are generally lower, where they can buy their ideal condo for less, which allows them to enjoy their profits from their condo sale. Additionally, as more and more employers begin to provide the option to work remotely, the sell high and move option is becoming more and more attractive amongst local condo sellers.
: Another reason a condo seller may not want to sell their condo in this market is to avoid the in-person showings. Living through this pandemic has changed the way we do a lot of things, and selling a condo is no different. Even though COVID cases in Orland Park and Tinley Park are relatively low compared to other parts of the country, many condo sellers are apprehensive about letting groups of buyers in their property at the risk of putting their own health in jeopardy, and that simply isn’t worth the risk. We recommend working with reputable real estate professionals that have the expertise to handle your real estate transactions professionally and safely.
At Condo Focus Illinois, we put the financial and health interests of our clients first. Reach out to us at condofocusillinois.com, and we’ll be happy to answer any questions you may have regarding this post, or if you would like us to prepare a free customized plan to help you sell your condo fast in Orland Park (60467), Tinley Park (60487), and surrounding areas in south suburbs.