I Hear It's a Buyer's Market
Obviously, a buyer's market is when there are more sellers trying to sell their home, than buyers wanting to buy a home.
With all of the news in the media about the challenging real estate market, what does this mean for you, as a potential home buyer, when you are getting ready to make an offer on a home?
First, it matters what part of the country you are in (and by this I mean what part of the country you are going to be buying a home in). And beyond state, what county and what city you are looking at.
In the northern Illinois area, and specifically in the Lake County Illinois area, homes have sold for an average of 94% of the current list price. This list price to sales price ratio was based on 2,020 single family homes sold in Lake County Illinois from September 2007 to February 2008. More specifically, this data was received from the Multiple Listing Service of Northern Illinois.
This doesn't mean that you'll have to pay 94% of the list price, for the home you want to buy. That's just the average. Some people pay more, some people pay less.
As your buyer's agent, I will provide you with current sales information for the neighborhood on the home you are looking to purchase. I'll give you information on what is currently for sale and what has sold in the past 6 months and 12 months. We'll check the tax records and try to find out what the current owner paid for the house and when they bought it. We will even try to determine what the current mortgage is on the house.
With all of this information in mind, we can come up with a strong negotiating plan. My job is to help you buy the house you want, with terms that work for you.
I'm on your side. I just want you to understand what a "buyer's market" in Lake County Illinois really means.