Step up to the BIG TIME

OK, so we all know it's a buyers market in Chicago and has been for many months...long before most folks were willing to acknowledge it! Now I think it's actually a BIG TIME buyers market with BIG TIME opportunities. There are far more properties on the market for sale then there are buyers who are looking to purchase, in some areas like the West Loop and South Loop some say there's an 11 month inventory! Thus it's a BIG TIME buyers market. Great news for buyers.

Ok, so it's not so great news if you need to sell. That said, don't be taken by the age old misconception that in a buyers market sellers have to sell for less than fair market value. Not true. What is true is that you should expect the sales process to take longer, and A LOT longer if you own a BIG TIME property valued over about $400,000. Here's why:

Depending on which Chicago neighborhood, first time buyers tend to buy in the range of $150,000 and $400,000 and they are still out there buying right now because rates are still relatively attractive...less than 6.5% for a 30-year conventional mortgage at this writing. They know buying beats renting any day especially now when deals can be had. Many of my friends who own $200,000 to $400,000 places are not stepping up to the BIG TIME unless they have to...read: "boy friend / girl friend moved in, we got married or we ABSOLUTELY need more room for the kids." Actually, I think this Fall is generally an excellent time to take the step up to a bigger place as long as you've got the cash flow and credit to do so comfortably.

To sell your current place without the stress, just set your timing and pricing expectations correctly and keep in mind the great deal you'll get when you step up to the BIG TIME and get your dream home at a great price! Oh, and hire a professional to help you because in a market like this a great REALTOR® gives you the edge.