Home Selling in Chicago>Question Details

E, Other/Just Looking in Chicago, IL

Realtors: do you have serious/qualified buyers now?

Asked by E, Chicago, IL Mon Sep 22, 2008

Just as a general question for realtors working with buyers: do you have qualified buyers looking for homes in the Chicago area, or has this number gone way down? Are your buyers having trouble getting loans?

We are looking to put our place on the market in a few months (SFH, Jeff Park). I'm just worried with all the news about no one being able to get a loan we won't get qualified buyers. I am willing to be reasonable with the listing price, but also don't want to just give our house away.

(As a quick aside, we already have some great realtors on board who are going to help us with the sale of our house, just wanted to get some additional opinions).

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Answers

3
If you're prepared to price your property at a level that is currently generating sales activity in your area and not above, you'll sell your property. Deals being done today will become the comps of tomorrow when they actually close. Every buyer going forward and presenting an offer will work off these same comps to determine a fair price. Price right now and sell and don't wait for other deals to dictate your price in the future should you wait to sell.
Research the market you're planning on purchasing in and determine if you can get a fair deal on the buy side. If so, you may be able to pass on a better price to the buyer of your home that will allow you into your next home.
There's buyers out there and they're looking for value and when it comes to Real estate, value equals price. Serious buyers should be in constant contact with their agent and lender to ensure they still qualify as before. Contrary to news media, lenders haven't stopped lending. Transactions in the Chicago area released today for august are down 30% (not price) from August of last year. So bottom line, not all buyers are out there but 70% of the market is still doing deals and getting the financing to do so. With the Government providing support to Fannie Mae and Freddie Mac and assuming the Bailout goes through in some form, lending will continue and hopefully improve so that marginal buyers can come back into the market.

Best of luck, Ken.
Web Reference: http://www.KDRchicago.com
0 votes Thank Flag Link Wed Sep 24, 2008
There is no doubt that buyers have had more trouble getting loans lately. The fact of the matter is that it largely depends on how well the loan officer does their job. I have had great luck with a few lenders and unfortunate experiences with others.

There are plenty of qualified buyers out there. The inventory of real estate on the market is quite high, and they have a lot of choice in the market. This translates into lower purchase prices. Getting the qualified buyer to purchase in this environment is the most challenging issue. They must find the property (wade through all the inventory), want the property and must feel they are getting a good value.

Best of luck with the sale. Make sure your agent has a strong internet marketing program to get the most exposure for your property. A quality presentation online and in person make a huge difference in this market.
0 votes Thank Flag Link Tue Sep 23, 2008
Would you agree that mortgage loans are the life blood of the real estate industry? The eaiser it is for borrowers to qualify, the more buyers there are in the market. The difference between a buyer's & sellers market is likely to be in the ratio of buyers to sellers.

Have you been pr-approved for a new mortgage to the next home you wish to buy? How would you compare that experience years prior? Your buyer is likely to have to go through the same experience.
0 votes Thank Flag Link Mon Sep 22, 2008
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