Seen anything in the news about a bounce back in the housing market recently?  Most likely not, because the news is good and good news doesn’t sell! 

Here is an article describing how the nation’s housing market has risen for four straight months and no one is reporting it:  http://rismedia.com/wp/2008-07-11/real-estate-prices-rise-for-four-straight-months-is-anyone-noticing/

We work with a good number of people who are relocating to Chicago from all over the country and who have seen the national news.  They always ask “Is now a good time to buy, given the housing market?”  People are tentative and cautious because the media jumped on board with stories about how bad the national market was in ‘07 through the winter of ‘08. 

 The fact is that real estate is a local market.  A national look at real estate makes about as much sense as a forecast of rain in Chicago because it’s raining in Miami.  Prices in L.A., South Beach, or Phoenix have no effect on prices in Lincoln Park or Andersonville.  The short answer to their question is now is a great time to buy, especially in Chicago. 

 What you have to keep in mind is that the media describes the market from a seller’s perspective.  They look at the number of places available and the average price for similar properties.  Compared to a few years ago, there are more properties available right now.  Simple supply and demand states that when there is more supply and less demand, prices will go down, making this a buyer’s market.  Chicago is a strong, stable market that still shows growth over time.  There are areas where single family homes increased in price, even during this buyer’s market. 

 Sellers now are facing more competition and longer market times.  This makes it more likely that they will negotiate on price.  So….bad for sellers = good for buyers!  We are helping savvy buyers get great deals on properties all over Chicagoland in this buyer’s market. 

 The advantages to owning property still lie in building equity and tax benefits, not in get-rich-quick opportunities.  When it comes to buying property, you should be thinking about a minimum of 3 years (or better yet, 5) before you plan on selling your home.

 Depend on a Chicago realtor to help you find a good home that is a smart, long-term decision in Chicago.  Don’t put too much stock in what a national media outlet says about the market, especially when they aren’t giving you the good with the bad!

 Mike