In a real estate market as active as downtown Chicago’s, it’s nearly impossible for home buyers to have an across-the-board strategy when it’s time to submit an offer. One common misconception buyers have about the home buying process is that full price should never be offered under any circumstances, which can often lead to those particular buyers missing out on a home or condo they really want.
One thing that’s important to recognize when making an offer is that market conditions are always changing, and how you go about submitting your offer should be based on a number of different factors that solely relate to the current state of the market, as well as each individual property.
In a hot sellers’ market for example, prices of homes and condos in Chicago will typically be priced right at or just below market value in an effort to get multiple buyers interested—which usually helps drive up the final price that’s paid. Furthermore, if a home has only been on the market for a short period of time, sellers may be reluctant to take an offer under asking price in hopes of waiting out for an offer that’s much stronger, or even above asking.
If you’re in the market for a new home or condo in downtown Chicago, working with one of our experienced and knowledgeable real estate agents will go a long way in not only submitting an offer that’s competitive, but one that is also directly linked with market conditions, ensuring you the best chance for success in securing the place you want, at a price that's right.