Market Conditions in Chicago>Question Details

Nancy Tennant, Home Buyer in 49022

hi, we are looking at 1 br aprts on erie st price range 230-300. downtown area. are the prices in the?

Asked by Nancy Tennant, 49022 Sat Jun 28, 2008

downtown area depressed? not sure what percentage down to negotiate. thanks

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I completely agree with the previous poster. Right now it is a buyers market and you can definitely find one bedrooms under 300k. Make sure you get a great buyers agent that is familiar with the area.
0 votes Thank Flag Link Thu Jul 10, 2008
It is a buyer's market! Properties are not appreciating at the same rate as they were from 2002 to 2006. Additionally, the pool of buyers has shrunk and at the same time more properties have been added to the market inventory resulting in longer market times for properties to close. Sellers are experiencing greater frustration as the absorption rate increase( the number of months properties remain on the market to sell as the inventory increases at the same time).Your offer, however, should be based upon the sales price of similar units over the last 3 to 6 months in the building you are considering and possibly within a 2 block square area. Condition of the property as well as the seller's motivation need to be ascertained as well. Properties that are priced at or below the most recent sales prices sell first and those are properties that involve motivated sellers! You should work with a real estate agent to conduct this comparative property analysis. Remember,if you are financing the purchase, the property must also receive an appraisal price equal to the purchase price, otherwise you run the risk of being required to place more $ down to make up the difference .We have some excellent written materials on the process of making an offer on properties on our web site located at http://www.scovell-sabatini.com
0 votes Thank Flag Link Sat Jun 28, 2008
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