Still a Buyers Market
Despite the spring season, traditionally a hot time for sellers, it remains a buyers market in the Fox Valley. One of the biggest trends in Aurora real estate and Naperville real estate right now is the large amount of inventory for sale right now. Basically, there are much more homes for sale than buyers. This is perhaps not due to the fact that there are significantly less buyers now than in previous years (excepting 2006) but we also have a lot of long-term inventory on the market. These are the homes that were originally put on the market in 2006 and are either continuing to be listed or have been put back on the market after being removed over the winter season. The end result is that there are more homes to go around, more selection for buyers and the end doesn’t look like it’s in sight. This is great news for buyers – the selection continues to be great along with falling prices and interest rates are actually going down this summer from levels that are already considered good. If you are a buyer in this market, you can expect to get a good deal on a home. However, it’s important to also be realistic. There are a lot of buyers out there that have dreams of getting a great home at 20% under market values. While getting a great deal on a home is a definate possibility, buyers have to remain reasonable and understand that except in extreme cases, most sellers are not going to give a home away. However, if the buyers remain savvy and get good advice from their REALTOR, getting a great deal is almost assured.