If you finally decide to go out and check available homes you may start looking for something more "extra". “Buyers in waiting” have no chance to get attractive properties since such properties last usually just few days on the market. We are not talking about absolutely lowest price in terms of numbers, but best price versus location and condition of the house. Recently available bank owned house on Greenwood Ave in Park Ridge ($280k) next day after was advertised on MLS had 1-st offer. After 3 more days, multiple offers. With similar homes around in 500-600k price range there is no question that the buyer is buying house with plenty of equity. Also house in Norridge on Canfield east corner with Foster, Did not last very long. $200k house (estate sale) in Elmwood Park very good area on extra wide lot sold recently after 3 days on the market etc. So guys let me know when you ready. The real opportunity is not the lowest priced house (since the low price more than often reflects real value of the property) but the best value for the area. Seeing the speed some of the properties are sold there is no question that out there are ready and prepared buyers. Opportunities like above are rare, unexpected and quickly disappearing. Do not fool yourself with slow market. Be Prepared and work close with realtor if you want take advantage of current market. 8/2008
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