Deciding what to bid on a home on the market in Chicago can be a difficult task with current market conditions. The average sales price for homes sold in the city during the first quarter was down 18 percent from the same period last year. However, homeowners are still holding onto the hope that their home will fetch values seen just a few months ago.
The price that a homeowner will accept depends on how bad they need to sell their home. Distressed homeowners that are facing a foreclosure or other financial pressures will be much more willing to take a lower bid for their home. Also, the time that the home has been on the market will play a larger role in bringing homeowners back to reality. A homeowner that has been waiting for just a couple of months will be much more likely to be offended by a low offer than those who have been searching for a buyer for a year.
Many more homeowners may be willing to accept low bids for their property in the Chicago area as the supply of unsold homes on the market jumps in the city. It now takes an average of 161 days to find a buyer, up from 110 days a year ago. Buyers should be careful when deciding what offer to make on a Chicago Home For Sale, and look at many different factors, including time on the market and how motivated the seller is.
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