Jul
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Chicago Real Estate Market Best for Buyers

July 11, 2012

If you are looking to buy a home, the Chicago real estate market is the best place in the country to shop.

green guy pushing a house in a cart.The real estate website Zillow has ranked the Chicago metropolitan area as the top buyer’s market out of the nation’s largest metro markets.

The news is great for area home buyers, who have significant negotiating power in our market, which is overloaded with unsold homes.

But it’s not great for Chicago homeowners trying to sell, as many are being forced to significantly lower their asking prices.

On top of that, according to Zillow, home buyers here get an average discount of 5 percent off those already low prices.

To find its rankings, Zillow averaged together three numbers — the sale-to-list price ratio, number of days listings spent on Zillow and percent of homes on the market subject to a price cut — and divided by 10 for the final index, which ranges from 0-10; 10 being a buyer’s market.

Chicago (8.4) scored highest on the index among the 50 largest metro regions, and within Chicago, Downers Grove (8.1), Northbrook (7.5), Palatine (7.5), Buffalo Grove (7.2), Orland Park (7.2) and Lockport (7.2) are the area’s strongest buyer’s markets.

Outer cities are the places to live as home sellers in Bolingbrook (1.8), Aurora (2.5), Joliet (3.0) and Plainfield (3.1) scored the lowest on the index.

Chicagoland real estate sellers should not completely despair: In May, the median price of a home sold in the Chicago area rose for the first time in over four years. It was an increase of only $100, but at least it’s a step in the right direction.

And, maybe this new Zillow report will bring more buyers to the Chicago area, which could increase home sales and continue that positive trend even more.

“It’s refreshing to see some markets swinging back in favor of sellers, with asking prices being met and listings spending fewer days on market,” said Zillow Chief Economist Stan Humphries.

“The housing recession has been long and rocky, and we’re seeing more balance during this summer selling season. Of course, many markets are still firmly in favor of buyers, and we expect that to continue until the recovery takes more of a hold nationwide.”

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Tracey

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