Sue Fox, @Properties. Direct 773.816.1788

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Trick or treat? Fall buyers grab sweet deals

filed under: Buyers, Lakeview, Market conditions, Sellers posted on October 31st, 2011

A SCARY TIME FOR SELLERS:

A HAUNTING TIME FOR SELLERS: This 4-bedroom home in Lakeview just sold in October for $786,000 -- more than $110,000 off its original list price in May. Autumn is usually an excellent time for Chicago buyers to score a deal, since many sellers are eager to sell before another winter descends.

Happy Halloween! As the Chicago streets fill with little pirates and princesses, this time of year is often particularly scary for people trying to sell their homes. Many of them listed the property in the spring, waited all summer in hopes of a buyer, and now are facing a fading autumn with increasing desperation.

That’s why the fall is such a great time for serious buyers to find deals. Sellers have been knocked to their senses, with a brutal market showing them just how few homes are selling and at what prices. Some of them are doing the math and realizing that if they don’t sell now, they will likely be holding onto their homes through the winter and into the spring, paying another six months of mortgage payments and taxes. Serious sellers are ready to cut a deal.

In the last week alone, almost 900 new listings — 293 single-family houses, 434 condos, and 155 multi-unit buildings — hit the market in Chicago. But just 298 home sales closed. Multiply those trends over the autumn months and you’ve got thousands of homes out there in search of buyers — not to mention all the ones listed earlier in the year that still haven’t sold.

Qualified buyers remain a rarity. So if you are considering a home purchase anytime in the near future, remember that the fall season offers unusual treats for buyers ready to pounce. Wait until spring, and you’ll be out house-hunting with hundreds of competing buyers, amid sellers who aren’t so motivated to bargain.

Written by Sue Fox //

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