"Has the Naperville real estate market bottomed out?" and "How will we know when we have reached the bottom?". These are two questions that real estate professionals are frequently asked. Here's the best answer anyone can honestly give with any certainty, "You'll know that we saw the bottom yesterday when prices start rising today". Hindsight is always 20/20. I can give you 10 excellent reasons to buy now, whether we have reached the absolute bottom or not. Here goes:
1) Selection is incredible! There are HUNDREDS of homes available in all price ranges.
2) Bidding wars are a thing of the past.
3) You can make an offer and actually negotiate the sales price without insulting the seller.
4) Patience is tolerated. Today a buyer can take their time, look at several homes and think about your decision without being rushed into a purchase.
5) Due diligence is welcomed. No longer are buyers required to waive home inspections, termite inspections and appraisals to gain advantage and get an accepted offer.
6) Specs are plentiful. No longer are there waiting lists and lotteries for new construction.
7) Repair requests are tolerated. If problems arise as a result of a home inspection, sellers will often negotiate with the buyers to make the needed repairs. There are not a line of buyers waiting in the wings with back up offers.
8) Fewer Investors to compete with.
9) Location!! Today there are affordable homes available in the most choice locations. Closer to work, trains, walking distances to schools, and downtown Naperville.
10) Real Financing is available. We still have low fixed interest rates loans from reputable financial institutions widely available.
In Summary, If you are wanting to buy a new home but waiting for the lowest price, don't miss the best opportunity. It's a great time to buy.