Prior buyers' markets have shown that the condo sector will often take the brunt of the market slowdown. The results are reflected in the reduction of prices, along with units staying on the market for longer periods of time prior to selling.
For the owners who need to sell their condo, key things to remember for this market include: (1) PRICING - even a nice unit slightly overpriced will sit on the market for a while; (2) presentation - clean, uncluttered rooms with neutral decor; and (3) a dedicated agent who will create buzz about the unit through effective marketing and showings.
Since it's a buyers' market, those seeking a condo will find plenty of options to consider. However, it's still advantagious to react quickly to the unit you desire. Even though condos may stay on the market longer, there's a good chance that if you like one, there are others who will also like it. Eliminate the competition by putting in your offer as soon as possible.
As of 10/24/07, there are 161 condos available for sale in Frederick, Maryland with a price range of $129,900 to $1,180,000. However, only ten of those units are priced at $500+K. During the second half of the year (since July 1st), 56 condos have been sold while 22 listing agreements have expired taking those units off the market.
Contact The Douge Team of Exit Realty Enterprises if you'd like more information about buying or selling a condo. We can be reached at info@TheDougeTeam.com or 301-593-4811 x-119 or x-150. Also visit us at www.TheDougeTeam.com.
- Max Douge (The Douge Team)
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