I read an article on Forbes.Com today regarding Housing Trends. The topic discussed was the "Top 5 Home Buyers' Markets". Guess who was No. 5? Chicago! Chicago is certainly not alone here. No.1 = Tampa, Fl, No 2 = Minneapolis, MN, No 3 = Miama, FL, No 4 = Kansas City, MO. The market changes are blamed on oversupply of homes. Here's the quote "Chicago has felt the effects of a housing supply growing in excess of demand. Brokers there say it's been a slow year thus far, and Moody's data supports that. Chicago ranked seventh worst for listings outpacing sales and fiftth worst for the tightening rate of the market." So, what do you think? Is it time to buy in Naperville? Your home is a huge investment and investors usually advise you to "buy low, sell high". It sounds like the time is NOW! But what if you have a house to sell first? Should you wait for the market to swing back? Individuals selling their current home usually buy something bigger & more expensive (trade up). So price your current home competitively and make a savings on the buy side. Remember in a seller's market, you will receive a higher price on your home sale but you will also likely pay more for your new home. So what do you think? Is it a good time to buy? I say, it's ALWAYS a good time to buy. Just use the current market conditions to your advantage.If you would like to read the article, here's a link:
http://www.forbes.com/realestate/2007/06/22/homes-buyers-property-forbeslife-cx_mw_0625buyers.html