Top 10 Reasons
WHY To Buy Real Estate in 2010!

1.      Selection, selection, selection - There are about 52,000 resale homes on the market in the Chicagoland area. Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago, the resale inventory dropped below 20,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of homes today!  

2.      No Bidding Wars - In the 2005 peak market, we had one client that made an offer on 4 homes. They lost the first 3 to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were even escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is very little competitive bidding in this buyer's market.

3.      You can make an offer - A few years ago when you made an offer, many times the only question was how close to listing price, or how high above the list price could the buyer reach in hopes of being the best offer on the table. Today, the Sales Price vs. List Price ratio is lower.  A seller will not be insulted if you 'make them an offer they can't refuse'.

4.      Patience is tolerated - In the hot seller's market, everything was rushed. You had to find a house before other buyers did, and then hurry up and make an offer.  Today a buyer can take more time. Look at several homes and think about your decision.

5.      Due diligence is welcomed - In this market a buyer is encouraged to obtain a home inspection, and appraisal. In the 2005 peak market, many buyers waived these contingencies in order gain an advantage in multiple offers.

6.      There are plenty of NEW Spec Homes - In the not too distant past, buyers had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers actually slept in their cars in order to get to the head of the lines. Today, depending on the area, there are thousands of specs ready for immediate occupancy.

7.      Repair requests are welcomed - After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past, a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller, whose home was increasing in value almost daily.

8.      Few, if any investors - It is estimated that one third of all sales in the peak market of 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of investors.

9.      Location, location, location - Today's buyers can find homes closer to work. In the past, buyers went further west in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.

10.  Real Financing is available - The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. 2010 will be a great time to buy real estate!