Rent Real EstateChicago Is Becoming a Buyers Market
A shift in the market could mean less profit for sellers, say local Realtors.
Realtor Valdy Biernacki notes, "We are without a doubt seeing a shift from what has been a four or five-year seller"s market to a buyer"s market. Inventory is increasing over what it was at this time last year and fewer buyers are coming to market. Properties are taking longer to sell. We are also seeing increased foreclosures, increased days on the market and increased adjustable mortgages. Single-family detached homes range from $250,000 to $700,000. Condominiums and townhomes range from $180,000 to $300,000."
Realtor Lorne Frank notes, "The fall market is upon us, and it looks to remain quite strong for the next few months. Well priced listings are selling, for the market is saturated with over-priced properties who"s sellers are still looking to make a "killing." Market time has increased across the board because of this, so buyers are certainly able to take their time in making decisions. My advise to sellers: let your real estate professional help you price your property according to today"s reality. For buyers, there is no time like the present to still take advantage of historically low interest rates. Plus, as we approach the end of the 2005, you might find a few more motivated sellers."
"There are lots of development opportunities and lots of investment opportunities to be had," says Realtor Elio Acosta. "The southwestern area of Humboldt Park has recently experienced a hike in the sales price for single family homes and two to four unit homes. Many homeowners who purchased their property last year are selling them today and netting a minimum of 20 percent. That"s $20,000 for every $100K invested on a home. Currently its a good sellers market but buyers are still getting their money"s worth on their purchases."
Realtor Chris Ford reports, "There is a lot of inventory and more is starting to come on the market. Property left over from the summer selling season are being forced to lower their price to compete with new fresh listings. Buyers are taking more time to choose and are being more selective in what they decide to put an offer on. Buyers are looking for everything they want in a home and are taking the time to look for it and not feeling pressured to buy right away. And Interest rates are still staying steady for the buyer."
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