How Do You Spot A Good Deal? Ask Your REALTOR®
June 22nd, 2009 categories: Chicago Real Estate News
Price is important when you’re looking for a home. But it’s not the only factor that makes a particular home a good buy.
A recent story in the New York Times highlights this. The story talks about the many factors that go into spotting a good real estate deal. Yes, a big price reduction looks good. But if the home was overpriced to begin with, that price reduction might still not make a particular residence a good deal.
It’s a good story. And it makes a good point. Buyers can’t just look at one particular factor – whether it be price, location or a home’s amenities – to determine if a house is the right buy for them. They have to look at a combination of factors.
That’s where REALTORS® come in. A good REALTOR® will help buyers consider everything before deciding to purchase a specific house.
In today’s housing market, Chicago buyers are fortunate: They have a lot of inventory from which to choose, in even the top city neighborhoods. This means they can afford to be choosy. They have time to consider all the factors in and surrounding a home before making a decision.
Perhaps a young couple is interested in buying in a fun neighborhood filled with restaurants, bars and theaters. They can choose from many in Chicago: Lincoln Park, Lakeview, Lincoln Square, Ravenswood and Streeterville, to name a few.
Say they find a condo in Lincoln Square that seems perfect. It’s right in the middle of the neighborhood’s busy nightlife district. It’s spacious. And it has some of the latest amenities.
But what if their REALTOR® finds them a similar condo two blocks over that’s priced a bit lower? It may be farther away from the heart of the neighborhood’s restaurant and shopping district, but the lower price may compensate for that longer walk.
Or maybe it doesn’t. Maybe it’s more important for the couple to be located in the middle of all the hustle and bustle of Lincoln Square.
The point is, with the help of their REALTOR®, the couple considered all the pluses and minuses of a particular home before buying.
That’s what buyers should be doing in this market. In even the most popular of Chicago neighborhoods, buyers still have plenty of housing options from which to choose. By looking at all the factors surrounding a particular home, buyers, with the help of their REALTORS®, can find the perfect housing deal for them.
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