Chicago Relocation

Buyer Markets

August 22, 2012

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John D’Ambrogio

Here are some comments from Baird & Warner’s own Tom Gill.

Mary Podmolik of the Chicago Tribune wrote an article about buyer and seller markets nationally. Below are some excerpts and some of our comments.

If you had to guess, what city would you say is the top buyers market right now? If you said Milwaukee, you’d almost be right. The number one buyers market in the U.S. is Chicago Illinois, followed by Milwaukee according to Zillow Real Estate. This list was compiled after calculations which looked at sale-to-list price ratios, number of days a property spent on Zillow listing, and finally the percentage of homes on the market with a price cut. Specifically in Chicago, the top five buyer communities were: Downers Grove, Northbrook, Palatine, Buffalo Grove and Orland Park.

A buying market refers to one where buyers have more bargaining power, thanks to listings lingering longer on the market and sellers being forced to cut their asking prices, according to Zillow. Meanwhile the top 5 sellers markets are near the west coast, with three of the top five being in California. San Jose, is the top sellers market.

Because home prices are low, this a great opportunity for those looking to get back into the housing market in and around Chicago.