This might be a great time to buy in Chicago
Ready to buy a condo or single-family home in Chicago? This might be the right time, at least according to a recent feature story by Chicago Magazine.
According to the story, there’s a good combination in store for home buyers here. Yes, prices are rising, but they’re not soaring as they are in other markets. At the same time, sales are down in the city.
This means that buyers might have more leverage than in the past. If they run into a Chicago condo they like but feel is priced too high, they might be more successful in negotiating that price down a bit. If sales are down, sellers might have to work a bit harder to sell their condos or single-family homes.
It’s not certain when home sales will start to rise again. Mortgage interest rates are on the rise. This could scare some potential buyers away from the housing market. They might decide to rent instead of taking out mortgage loans with higher interest rates. But when there aren’t as many buyers flooding the market, those that are looking for homes might find that sellers are more willing to negotiate on price.
If you’re a buyer looking for the best price for a home in Chicago, you need to work with a REALTOR® familiar with the neighborhoods in which you want to buy. Such a real estate professional can help you find homes that are being offered at fair prices, even in Chicago’s most desirable neighborhoods.
Trying to buy a Chicago condo or single-family home without a REALTOR®? That’s a risk. Remember, a REALTOR® will lead the negotiation process, and can help you fight for the lowest possible sales price. A REALTOR® can also help you negotiate closing dates and the repairs that you’d like a home’s owners to make before you take possession of the residence.
So even though today’s Chicago housing market might favor buyers today, it still makes sense to work with a REALTOR® to find your next city condo or single-family home.