Noah Levy

Are we in a buyer's market?  According to everything I read and everyone who "talks"  Real Estate we are in a buyer's market.  However, based on my own experience this week  I have been pondering this topic.

I have been actively working with a young couple to find a home on Chicago's North Shore since October.  We have looked at numerous homes and until last Saturday nothing was even remotely exciting to them.  A week ago Thursday I saw a new listing pop up - it was not everything my clients had on their wish list - but I knew based on what was important to them in a house  that this was the house for them.  I normally email them new listings but with this listing I emailed and called them.    We got into the house along with a dozen plus buyer's and YES my client's loved the house.

We did not want to waste any time  -  I wrote up  an offer for my buyer's and started the process.  The seller was not giving much on the asking price.  I asked the seller's agent if there were other interested parties and he said that there were two others but no other written offers at this time.  As I stated earlier, my clients have been looking at homes since October so they knew from viewing  many other homes (without me having to say anything)  that this house was PRICED VERY WELL for today's market.  We agreed to a purchase price and all other terms - included in the terms was THAT THE SELLER HAD 72 HOURS TO FIND A HOME OF THEIR CHOICE.

The listing agent had explained to me that finding a home of their choice would probably only be 24 hours as they had already started negotiating a buy for her seller.  Obviously my clients were very excited about finding the perfect home so they agreed to the terms and the contract was signed by both parties. 

Well,  here is what was taking place with the house the seller wanted.  Another buyer was also interested in the house and had written a very CLEAN OFFER  and the seller of the house agreed to the terms and signed the contract.  The seller's agent and the seller of the home my clients are trying to secure had no idea that there were any other interested parties interested in this home.......Pretty wild who would've thought that this would be going on in a buyer's market?!?!  Meanwhile, my clients have been asked for an additional three day extension from the seller's in hopes that they find a perfect home.  My clients have agreed and are anxiously waiting to hear the outcome.

So is it a buyer's market?????  If a home is priced well than the home is going to sell quickly!!! If the home looks best amongst all other inventory in the market place it will sell quickly.  I know I have just witnessed this TWICE!!!!