Everybody wants a deal in today’s real estate market, but to get that deal it is important to consider… the ideal time for a buyer to purchase real estate. Whether you are considering a Chicago condo, a single family home, luxury new construction or are a first time buyer; the most strategic and opportunistic time for a buyer to purchase Chicago real estate, is in the fall.
Here is the rationale for purchasing real estate before the end of the year:
Seller’s that have been on the market for awhile are very motivated to make a deal, as they do not want to be on the market over the winter months.
The rising dollar and the decreasing price of oil could indicate the beginning of the end for the current down cycle for housing.
For a buyer who is waiting for further reduction in home prices, additional price deterioration in value would be lost to increased interest rates in 2009.
Fewer buyers are in the market at the end of the year thus making seller’s more flexible about price.
Tighter qualifications to obtain a mortgage make a good buyer a precious commodity to a would be seller, therefore, the buyer is in a stronger negotiating position.
If you are renting, you are losing your homeowner’s tax break.
Hard to predict the bottom of the housing market. The government is actively trying to revive the housing market, therefore, the worst may have passed.
Interest rates are historically lower in the fall than in the spring.
The Fed could possible increase interest rates next year to combat anticipated inflation. The price of real estate increases in an inflationary environment.