The past week's market activity shows that there were 515 transaction sides in the city of Chicago for the 7 day period ending 7 December 2008. The total sales volume for the week was $195,019,021.
The numbers have remained fairly consistent since the beginning of November. Fannie Mae anticipates that on a national level the number maybe down slightly for Q1 and Q2 of 2009. We can only assume that the same will be true on the local level. (See Fannie Mae forecasts @ http://www.fanniemae.com/media/pdf/economics/2008/Housing_Forecast_111008.pdf)
I make this point for a couple of reasons:
•1) Today's activities are Q1 & Q2 sales. It is more important today to go back to basics.
•2) Remember price is King! The homes that are selling are the homes that are priced right. Give your sellers current market information.
•3) If you are waiting for the "good ole days", remember hope is not a strategy.