There is a reason we call this a BUYER'S MARKET...
Actually, there are MANY reasons! I have always LOVED representing buyers, but I have never had so much fun and success with my buyer clients as I am now in this BUYER'S MARKET.
There IS An UPSIDE To This Market: True, it may not be the best time to sell, unless you need to or if you are moving UP in price. (That could be a whole other blog post!) If you pay attention to the media, you may get the idea there is nothing GOOD about this market and the best thing to do is to just stay away from real estate. But, as in anything, everything has silver lining, and in this case, it just may be the silver cup! There is a reason we call this a Buyer's market, and that is because current real estate conditions are VERY favorable to buyers. Yes, it is a GREAT time to buy, for many reasons. I will just highlight a few here.....
Time Of Year: We are now going into the "holiday season", which is traditionally the slowest time of the year. Most well informed sellers and their Realtors know that as the upcoming weeks tick by, they have more of a chance of being stuck without a buyer through winter. Let this work in your favor now.
Choices Galore: In my 16 years career as a Realtor, I have never seen such an abundance of well priced homes on the market. In a seller's market, I have seen my buyers stressed out by the lack of choices. On the flip side, these days there are almost SO many choices that my buyer clients actually sometimes feel overwhelmed because there is so much to choose from. This is definitely a better problem!
Real Estate is ON SALE!
We Can Negotiate: I love to go to bat for and negotiate for my buyer clients. This is one of the many professional services I do for my clients that really I love doing the most! And I am having more fun than ever doing this because now, in this market, we really CAN negotiate great prices and terms for buyers.
VERY Well Priced Inventory of Homes On The Market: Not only can you negotiate once you find the home you love, but the market is also abundant with a housing inventory that is ALREADY very well priced.
Great Deals: In my opinion, the best deals are not just the foreclosures, REO's, pre-foreclosures and short sales. Most of the best deals are the sellers that actually have some equity in their homes and have the ability and desire to sell. And you not only have less risk than with bank/corporate owned homes, but you can negotiate more and they are definitely easier to work with.
Less Competition: In a strong seller's market, ALL the buyers come out....which of course, is WHY it is sellers market then. In a seller's market, all of the buyers are competing for the best homes.....homes that are priced well and in great condition. When the buyers should REALLY come out is now, that is why we call it a BUYER'S MARKET. Real Estate market conditions are very favorable to BUYERS now. Don't miss your chance by waiting until the market heats up again.
More Motivated Sellers: Once again, we can negotiate! Sellers are much more willing to negotiate on price, terms, and inspection/repair issues now because they KNOW how valuable an offer from a ready, willing and able buyer is these days. They are much less likely to turn down your offer and just wait for the next one because it may be a long wait.
Time Is On Your Side: No longer do you have to put in an offer immediately when see a home you like to beat out the other buyers. You can take a little more time looking, deciding and finding one that is just right for you. Do not get me wrong; even in this market we do still see multiple offers on well priced homes. But you do not always have the pressure of feeling you have to make an immediate decision or you will lose out. You can get comfortable with your decision first before moving forward.
Rates ARE Great: We have been spoiled in recent years because we have had low interest rates for so many years; we almost forget how lucky we are they are still so low NOW. Does anyone remember the days when mortgage loan interest rates were at 18%? Coupled with the lower home prices in today's BUYER'S MARKET, you can really score a great deal now.
Financing: Yes, there are plenty of loans available and loan options for buyers today. From listening to the press, you just may think all of the mortgage money dried up and no one can get a loan. It is NOT true! There are many options and lenders able and eager to earn your business and help you get into a home now.
Buy What You Love, Not What You Like: In a strong seller's market, buyers had to make choices between the few homes that were acceptable to them. The market did not allow the luxury of shopping to find a home you LOVE. Now you can!
The thing is, no one has a crystal ball and no one knows when the market will "hit bottom". Many speculate on when this will be. But we are definitely already in the low part of the cycle. Real estate values are cyclical and historically it shows that after we have a period of increasing values, it is always followed by a "correction" period. We had the longest run in recent years of increasing values so this "correction" period is lasting longer as well, of course. But remember, it IS a cycle and values WILL go back up.
The only time we will really know we hit bottom is when the market is on its way back up. At that point, it just may be too late. If you speculate too much, you may miss the really great deals that are out there NOW for you.
No matter what type of market we are in, the most important thing to consider is if it is a good time for YOU to buy. You have to be comfortable with your own situation. But if you are comfortable making a move, don't let FEAR get in the way of the fabulous deals that are there to be had right now. This will not last.
OK...so that is a few really good reasons to jump off the FENCE and in the game today. I could go on and on about this as more points keep coming to mind today, but I do need to get back out of my office to meet the next smart and savvy buyer clients I am working with today! Have a wonderful fall Saturday:-)
There are fabulous buys on the market....now is a GREAT time to buy real estate in Northern Illinois, especially for MOVE UP Buyers, Waterfront Buyers, Vacation and Second Home Buyers, Investors and First Time Buyers!
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My Direct Number at the Office is 847.516.6760
I look forward to the opportunity to earn your business.
