March 28, 2017 - By Fran Bailey
The Chicago Case-Shiller Condominium Index for January was 138.7. The index was up 5.5% from January 2016. It's back to its February 2009 level. The condo index was down 0.6% from the December index. Last year the index fell 0.8% from December to January. A drop in January is not unusual since the index typically pulls back in winter. The Case-Shiller Condo Index for Chicago is based on resales of condos in the Chicago Metro Area. It's published with a 2 month lag.
Chicago Case-Shiller Indices January 2000 – January 2017
WHAT THIS MEANS FOR BUYERS
The softer winter market is ending. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start viewing condos. If you're paying cash, get a proof of funds letter from your accountant or banker ready to go.
WHAT THIS MEANS FOR SELLERS
If your condo is priced right when it goes on market, it should sell within a few months. Luxury condos do take longer. Most buyers have to finance their purchase. Your condo will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales.
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