Why to buy homes now- the State of the Market by Mike Kelahan.
The State of Market (or Why to Buy Now!)
In a state of the state observation of sales activity at The Shoemaker Lofts, a proud loft development by Dubin Residential in the homes for sale market, Mike Kelahan Director of Sales and Marketing for Dubin Residential had these findings.
Overall houses for sale in the development and surrounding neighborhood, according to statistical data found on the MLS (not including for sale by owner properties) had declined in a year over year comparison of 2008 v. 2007 figures. Additionally, according to realtor.com and rent .com it appears that the supply of affordable apartments has continued to diminish as well. ?Customers seeking an upscale lifestyle at an affordable price are key to our success? said Kelahan. They are the demand that has helped us continue to sell homes successfully in this difficult market.
Nationally, statistics provided by HUD (the Department Housing and Urban Development) a federal governmental agency, support this trend in many markets nationwide including Chicago. With the decline in available and desirable properties comes an anticipated stabilization in prices and ultimately the bottom of the market decline. This suggests that for those who have been looking but waiting to buy, the time is drawing near to ready the check book for action
According to agents at some of the city?s largest realty firms like Coldwell Banker, Century 21 and Remax now is definitely the time to take advantage of the perfect storm of value, opportunity and low interest rates. Most agreed that by waiting longer the prices are likely going to firm up and moreover the risk of interest rate increases could wipe out any additional price savings. At the end of the day few people ever get lucky enough to purchase at the very bottom of the market. In the end however most buyers agree that home ownership is a long term proposition and that the desirability of the home plays a primary role in selection. A good price is only a good deal if you like the home.
Realtor Jeffrey Zagalinski shared that customers today are far more knowledgeable and able to use tools like Zillow a real estate valuation website, (zillow.com) and others which are off shoots of the MLS like Realtor .com, to obtain details about homes for sale, pricing and past sales prices to help determine fair values before making an offer.
?The more informed a customer is the more likely they are to recognize the good deal when they see it? he said. Helping your customer gain access to these sites can certainly serve an agent well in the end.