Here in Chicago this Sunday morning, it's cool, crisp - and sunny!  Hope its beautiful where you are.  Relax - it's Sunday Morning!

Buyer's Agents?  Do you have any FENCE SITTERS among your currently-active clients.  You know the type - they are waiting for prices to drop even further?  Or, they they are scared about higher loan cost due to stricter underwriting requirements or PMI on low down payment loans?  Or, they are freaked out by those boarded-up homes they see every once in a while - not just on "60 Minutes," but in the actual neighborhoods they are looking in?

Right now, our Buyer's Specialist Kathleen Weaver-Zech is working with three couples considering buying a small home or condo here in Chicago.  Each one of them, however, continues to be procrastinating before pulling the trigger on what seems to be nice properties, well priced in today's market. 

We still see a few sellers here in Chicago that don't realize the real estate market has shifted here!  In a surprising survey conducted by Harris Interactive for Zillow.com, 2/3 of home sellers questioned feel their own home values have either remained stable or INCREASED since 2007.  They feel the objective market statistics DO NOT APPLY TO THEM!

Many buyers we encounter today are running scared!   They don't want to pay too much, and don't want to get in over their heads.  In our opinion, it's important to explain to them that today's market does indeed offer some very good reasons to buy NOW.  A few of these -

1.  LESS COMPETITION FOR NICE HOMES.  As we all remember quite well, many properties sold in MULTIPLE OFFERS just a couple of years ago.  Many homes sold considerably over their asking prices.  Investors, expecting quick returns on flips, would drive up prices on cheapest properties.  Today, investors just can't justify the same attractive return, and there are fewer buyers competing to buy.  A more attractive purchase price usually results.

2.  ATTRACTIVE MORTGAGE RATES.  Mortgage rates are still quite affordable.  For home buyers with strong credit, loans can be had between 5.75 and 6.25 percent.  Buyers with some down payment money can still find an attractive rate and loan program.

3.  LESS RUSH TO ACT.   Contrary to many buyers behavior, less competition is not license to procrastinate!  As we all know, the nicer homes still sell for good money, and often quickly - if they have good value.

4.  INSPECTION ITEMS AND REPAIRS.  Unless the home seller in in distress (estate, foreclosure, or short-sale)buyers today rarely have to purchase many homes "as-is," waiving their right to inspection.  We're not talking here about building minor blemishes into big price re-negotiations.  As we all know, however, it  was tougher to address even the some serious items when the market was more robust, in 2005, 2006.

5.  FLEXIBILITY IN NEGOTIATION.   Today, everybody fancies themselves as Howie Mandel on "Deal or No Deal" - some buyers fell they have free reign to get their new house dirt cheap - and that sellers are desperate to move.  Some sellers are are indeed offering discounts today, over what they would have offered, or will offer, during more balanced or seller-oriented markets.   When the market gets closer to a balanced state, as most experts predict it will - time uncertain - many of these "bargains" will most likely disappear. 

Check out our post today via our Dean's Team Blog Center - BlogChicagoHomes.com.  Here you'll also find links to Lew Sichelman's article in today's Chicago Tribune. 

Please, tell your PROCRASTINATING CLIENTS considering Chicago - come out and BUY, while the opportunity is great!

DEAN & DEAN'S TEAM CHICAGO