Home sellers in the starter home price range are enjoying a brief sellers market as first time home buyers who waited until the last minute to make offers on homes now find themselves bidding against other first time home buyers who also waited thinking home prices would continue to decline.
First time home buyers must close their home purchases by November 30th to qualify for the $8K first time home buyer tax credit.
The week before last one of my listings received 4 offers. Even after the contract was signed, yet another buyer insisted on seeing the home so he could make a backup offer in case the sale didn’t go through. Yesterday another listing received 2 offers. In both cases my sellers asked the buyers to present their highest and best offers which dramatically increased the offers. One woman increased her initial “firm” offer by $30K on a home priced less than $200K!
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
