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Chicago Real Estate Advice: Act Now On The Buyer's Market!

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By : Magellan Development    99 or more times read
According to CNN Money, a decline of the robust buyer's market in Chicago real estate and real estate across the country may be approaching. Across the country, a smaller number of home sellers are reducing their prices, and they are reducing them by smaller amounts than they have in the past months.

"Fewer sellers in 27 major U.S. markets reduced home prices this month [November], and those who did slashed their prices less than in October," the article states.

While this may spell a stabilization of the real estate market and of the economy as a whole, it also means that your time to make an incredibly worthwhile investment in Chicago real estate is drawing to a close.

The prices of homes for sale are still lower than normal, however, providing ample opportunity for buyers to make great investments.

While a buyer's market can appear rapidly, a seller's market usually takes Chicago condos, homes or townhomes.

In November, sellers still reduced their list prices approximately $23,953. While this is 3% smaller reduction in price from October, it's still an opportunity to act on as a buyer. On the same note, over 250 thousand homes had their prices reduced in November -- while that seems like a huge number of homes with the prices reduced, it's still a smaller number than in October. While the opportunity to make a great purchase still survives, the amount of time to capitalize on that opportunity is definitely shortening.

Other Statistics to Consider

  • Sellers across the country reduced their list prices on average more than twice.
  • The prices of more than half of homes in Orlando, Jacksonville, and Chicago were reduced at least once.
Magellan Realty is a premier developer of downtown Chicago condos, townhomes and homes. You can read more about this topic and the Chicago condo lifestyle at the Magellan blog.

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