While any real estate agent licensed in Illinois can provide both commercial and residential sales or leasing services, it might be best to select one with additional designations. Commercial transactions are very different than Residential. Letters of Intent, commission negotiations and potential timelines of decades clearly point to specific knowledge. Transactions are as unique as the properties involved. If you are contemplating a move in 2019, be sure to look for a Commercial Realtor with a completed ACP designation.
Many market segments seem to be favoring the seller. Multiple offers are making it tough for a buyer to get an offer accepted on a home that they have spent time locating. Does this mean that buyers should give up or that sellers can sit back and watch offers come fast?
Buyers are still making offers on homes that show well. Sellers should paint and complete a punch list before showings. Pricing is critical. The best situation is receiving a fair offer where both the seller and buyer have acted in good faith. Sellers with multiple offers have some very difficult decisions to make in selecting the "best" one. It means disappointing the other potential buyers...it means that you still need to close to really be a solid sale.
Does it mean that buyers are paying top dollar? Buyers paying cash might get a deal for a few less dollars. Buyers with conventional financing have a lender requiring an appraisal to affirm that the sales price is accurate. FHA and VA buyers have the same appraisal requirement and have certain criteria for a home to meet minimum standards. Loan rates make homes affordable for most buyers.
Residential Single Family and Condos are trending slightly more in available over under contract or closed properties over the past week. How does this compare to the market over the past 30 days?
The ratio of under contract/closed to available homes is starting to increase this week compared to the overall picture in the past month. Is this really different than August in any other August?
In Naperville thoughts of school starting are on the minds of many parents. Traditionally renters sever leases in the Spring. This means that fewer people are likely to be strongly motivated to purchase as first time buyers. Serious sellers are looking at the market slowdown and adjusting price expectations or pulling out of the market.
Simplistic? Yes! While these are general benchmarks certain areas have fewer homes/condos than interested buyers. Wondering if you should jump in the real estate market or wait until 2016...prices are expected to move up about 4% and mortgage rates are climbing up. It's not too late to get in on a "deal."