It is a GREAT time to Buy or Move-up in Northern Illinois!
Our market has been equalizing........
That's GREAT NEWS for about 75% of current homeowners and those who want to be homeowners. Here's why . .
If you have a home and have been thinking of moving up, this is the best real estate market for you. For example, consider your home is worth $300,000 based on recent sales, but with a high inventory of homes for sale and a sluggish market, we need to price and/or accept $15,000 (5% lower) to get the property sold. Your immediate reaction would be that you lost $15,000 and you say to yourself , "I should have sold last year when the market was hot for sellers!". But you really didn't lose. In fact, you gained because you are moving up. For example, if you are buying a $500,000 home, that seller may be faced with the same sluggish market we may have faced when we sold your home. You may now be able to also buy the $500,000 home for $475,000 (5% lower). Although you sold for $15,000 less, you bought for $25,000 less so you benefited by $10,000.
In an opposite market where houses sell fast and often for more than the asking price, you can lose money when moving up. Also, and more importantly, this is the best market for us to find the "best house for you" because we have more time to shop and the inventory of homes for sale is larger, so there is more to choose from, also.
In a sellers market, you may end up "settling" for a home because the choices are slim and you are pressured to buy quickly before values keep rising. Buyers have so many choices now of very well priced properties and motivated sellers.
If you are a first time buyer with a small or zero down payment, this is the best time to buy. Sellers now will be more likely to welcome buyers with low or no down payment and some sellers may even help pay your closing costs. In an opposite market, the sellers usually won't even consider any offers unless there is a high down payment which prohibits most first time buyers from buying.
If you are a long term real estate investor, now is a great market to buy. The higher inventory of property allows us to find the ideal rental property that meets your investment criteria. Also, we will be more likely to negotiate excellent terms with the help of your Realtor, me:-)
Please do not get me wrong....this is not a depressed market and some local markets may differ quite a bit from each other. We call it "equalized". We just have been coming off the very long stretch of being a sellers market.
Everyone wants to buy low and sell high but it's virtually impossible to time markets. This is called speculation. If you view real estate as a long term investment, 5 to 10 years minimum, you will more than likely catch a "wave" of appreciation. Remember, you will never catch the wave unless you are in the water.
Have a great weekend!
Debra Kukulski, Realtor
A.B.R. (Accredited Buyers Representative);
RECS(Real Estate Cyber Specialist);
G.R.I(Graduate Realtor Institute).;
‘Re/Max Unlimited Northwest
If you have a friend or family member looking to buy or sell a home, please pass their name and number along to me and I will give them the samegreat service I give to all of my clients! I can also help you find a Realtor nationwide! Licensed in Illinois