If you are currently buying and/or selling real estate you are most likely keeping up with any real estate related news by radio, television and print articles. You need to be aware that much of the real estate statistics that are reported are nationwide averages.
Sellers – Know Your Current Local Market
You might have heard that sales are still very brisk, even with increasing interest rates. And this might be true for many areas, including Orland Park Illinois real estate. Orland Park is a very popular southwest Chicago suburb and homes priced correctly can sell quickly. But you need to find out the situation in your particular area.
Buyers – Has it Shifted to a Buyer’s Market?
You might have read that the market has shifted to a home buyer’s favor. But, again, if you’re in a popular area like Tinley Park Illinois real estate, homes can sell very quickly when priced correctly. Spring and summer is our busiest season and some properties are still receiving multiple offers. As a buyer, it will be easy to spot the selling climate in your area. You’ll know it is active when a property you’d like to see for a second time already has a contract or if you’re up against one or more contracts when you make an offer.
Other Ways to Gauge Your Market
The best way would be to speak directly with your REALTOR on local market conditions. If you’re a seller you will be provided with a Comparative Market Analysis that should show you average days on market for properties similar to yours and in your price range.
As I mentioned, as a buyer you can actually learn the current market conditions very quickly as you will be actively viewing different properties and you’ll see how quickly they are selling (or not). Many buyers think they can take their time only to lose the home that would have been perfect for them because they didn’t act quickly enough.
Another way to view your current market is to visit local websites that allow you to search properties. My web site for Cook County IL Real Estate offers a full, free MLS search. You will be able to see how quickly properties are selling in your area and price range.
About the author: Judy Orr has been a licensed REALTOR® since 1983 in the southwest Chicago, Illinois area. She mainly sells Chicago Suburb real estate and is the webmaster of several websites for the area.
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