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It’s a buyer’s market in Chicago
May 14th, 2013 3:31 PM

The Second City is second to none in the real estate residential buying market.  This is not the news homeowners want to hear, but I would hope doesn’t come as a complete shock. 

Zillow ranked the Chicago area as the leading buyer’s market out of the 30 largest metropolitan markets twice this year, July and November.  The ranking is based on 1) the length of time the property stays on the market, 2) consistent drops in price, and 3) selling for less than the listing price; all factors that give the perspective buyer the upper negotiating hand.

The real estate website has Chicago as the only market out of 30 that showed consistent decline in value month after month.  However, buyers did not get their way in every market.  According to Zillow, in certain cities like Carpentersville, Elgin, Matteson, Sycamore, and Plano, the seller seemed to hold their ground on their listing prices. 

If we look at the 2012 Coldwell Banker’s National Home Listing Report, which surveyed the average listing prices for 4 bedroom 2 bath homes around the country, we can all see that Chicagoland as a whole is at an all-time bargain!  Prices range from the South Suburbs of Chicago at $80, 000 to our prestigious Northshore Suburbs at an average of $750,000, and Chicago itself coming at an average of $215,000.

I guess this means if you are in the market to buy, now is the time!

Chicago Tribune/breaking Business, Chicago Tribune/Chicago Homes

Posted in:General
Posted by Michael Hobbs on May 14th, 2013 3:31 PMPost a Comment

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