It's Actually a Good Time to Buy a Home in Chicago
With supply up and demand down, the real estate market has changed in favor of those who are looking to buy. Here is everything you need to know on how to take advantage of this fast-paced shift!
It's no secret that the real estate market has been changing over the past few years and especially in the post-covid era. Hear me closely, the days of bidding wars and homes selling within hours of hitting the market are gone. Done. Goodbye. Jumping to September of 2022 buyers have a lot more leverage in negotiations, and many are taking advantage of it. In this blog post, we will discuss why the real estate market has shifted in favor of buyers, and what you can do to take advantage of it!
As a potential home buyer, you may be wondering why the real estate market has shifted in your favor. All you're hearing is recession this, inflation that. How do these two things, which sound scary, affect you as a buyer? For starters, there is more inventory on the market now than there was a few years ago and they're staying on the market longer. This means that buyers have more options to choose from, and they can be pickier about which homes they want to purchase. Additionally, many buyers have exited the market because interest rates have gone up. So demand has gone down. Supply up, demand down, this means prices are going to go down. Finally, many sellers are now motivated to sell their homes quickly and are therefore more willing to negotiate on price.
If you're looking to take advantage of the current real estate market, there are a few things you can do and 4 mistakes you should avoid. First, make sure you work with an experienced and reputable real estate agent (shameless plug). They will be able to help you navigate the market and find the best deals on homes. My main take-away for buyers though, don't be afraid to low-ball your initial offer. In today's market, sellers are often willing to accept offers that are below their asking price. Finally, be prepared to move quickly if you find a home you love. Even if you are the only offer, you may not be for long and when there are multiple offers, your leverage goes away.
