When comparing homes to formulate your offer prices, even exact models within the same homes, you need to look and examine all of the differences between the two home. One such factor to consider is home improvement. If one home has recent home improvement versus another that doesn’t if everything else is the same than the one with the recent home improvement is going to warrant a higher offer price. The most important types of home improvement would be room additions, like bedrooms and bathrooms. Other items like floor tiles, wooden floors, swimming pools, ceramic counter tops, large bathtubs, landscape gardens must all be taken into account and not discounted. These are the things that a real estate agent will be very helpful to have as they can guide you through the offer process.
According to the National Association of Realtors, the Chicago housing market currently has low demand with a high supply of homes on the market. There is currently a nine to ten month supply of homes. So those homes in good neighborhoods, school districts, near jobs and families are getting sold faster than their competitors. With the huge supply of homes on the market and less buyers there is less buyer competition which means not a lot of bids and offers for seller to chose from.
There is a large supply of bank owned properties. To make matters worse these bank owned properties sell for about 35% less per square foot compared to non foreclosed homes. So there are more short sale transaction going on.
We decided to set up a blog so that we can instantly talk about topics pertaining to the real estate market in Chicago. We figure that this format would enable us to get the latest information to you, our readers as soon as possible. The real estate market constantly changes in Chicago. In the days to come we will be populating the site with informative information about realtors and property listing within the city of Chicago.
Welcome to the new home for Chicago Real Estate Agent. The website that focuses on helping you locate a real estate agent or realtor in the Chicago area.