Chicago Illinois Real Estate Blog

This is the strongest Buyers Market to hit the Chicagoland area in at least 20 years, yet many buyers are waiting for the market to turn around before acting. You are missing your best opportunity to buy a home in at least 20 years! First we should back up for a second and explain what happens in a Buyers Market like the one we are currently seeing and how buyers felt during the latest hot “Sellers Market”.

When real estate experts and economists talk about a “Buyers Market” they are referring to the fact that there are more sellers then buyers. When this happens the buyer gains control of the negotiation process and can find some amazing deals. They also will have an excess of inventory to choose from allowing them to find the perfect home. Sellers become willing to work out deals to sell their home, things like paying discount points to lower your monthly payments, or paying closing costs, or drastically reducing their price if they must sell fast. Any of these items allow you to buy the perfect home today for an amazing deal!

Almost every buyer we worked with during the hot “Sellers Market” said they wished there where more homes to choose from. They also complained that sellers expected full price (or higher) for their homes and many times buyers ended up in a multiple offer situation. Lastly we couldn’t convince sellers to give assistance to buyers making it even harder for first time buyers to afford to purchase. If you didn’t purchase a home during 2002-2005 feel free to ask anyone who did if they ran into these types of issues. These items all happened because during a Sellers Market the seller is in control of the negotiation process.

The very distinct difference between the two types of markets shows why buyers should be buying today. The sad reality is that the average person always buy high and sell low. They buy and sell based on emotions that are steered by media hype. Don’t follow the masses, this is the time for smart move up buyers to save tens of thousands of dollars and it’s the perfect market for first time buyers to get the best pricing and incentives possible.

If you wait on the sidelines please don’t cry about how you could have bought that house for less in 2007 or early 2008 after the market turns around. You have been warned that housing prices will go up and that interest rates will go up. You have been informed that this is the best buying opportunity in at least two decades.
Source: This is a Buyer’s Market