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As your Chicagoland real estate agent Michael LaFido, I want to be your resource for all things real estate. Whether you are buying, selling, or investing in real estate, I am here to guide you through the process. Subscribe to this blog to learn all of the latest news from our local market and receive expert tips for buying or selling a home.

How Do You Know Whether it's a Buyer's or Seller's Market?

Considering Buying: Get Gateway Access to the MLS

Now that we're entering the slow season here in the Chicagoland market, there is no better time to find out what your home is worth. We would love to come out and take a look at your home, so you know what you can do over the fall and winter months to prepare it for the spring market.

Recently, many of our friends and clients have come to us with the same question: "How do I know if it's a buyer's or a seller's market?" Since real estate is hyper local, market conditions vary greatly by neighborhood and area. There may be a seller's market in Naperville, while Wheaton has a strong buyer's market.

So how can you tell what the conditions in your neighborhood are like? There are 3 easy ways:
  1. Inventory: The real estate market is all about supply and demand. When there are more than 6 months of inventory we are in a buyer's market, whereas when we have 4 months or less we are in a seller's market. The more homes on the market, the cheaper the prices and the better the selection for buyers; when there are fewer homes on the market, prices tend to rise and sellers often secure favorable conditions during negotiations.
  2. Average days on market: How long are homes sitting on the market? If they stick on the market for a long period of time, price reductions will probably follow. If homes are going quickly, it means the market is active and healthy.
  3. List-to-sale ratio: Are buyers getting a huge discount on homes, or are sellers getting what they ask? This metric tells a lot about the current state of the market.
When selling your home, you need to work with someone who is a marketing specialist. In the Chicagoland marketplace, 85% of all sales occur with a buyer's agent representing a buyer and a seller's agent representing a seller. Only in 15% of transactions does a listing agent actually bring buyers to the table. That's why it's key to work with an experienced and knowledgeable professional when buying or selling.

The Michael LaFido Group is the team to get you the best results on either side of the transaction. We have an expanding team of experts that are always available to help you achieve your real estate goals!

Thanks, and have a safe and happy Halloween!

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