Chitownproperty

Of course anyone remotely interested in real estate saw the Tribune’s headline today. It is a buyer’s market now, but what does that mean? The Trib’s Mary Umberger says:

Homes sell in months, not hours. Prospective buyers actually browse. They drift back for a second look at a place weeks later, confident that it still will be available. They want the price cut. And they get it.

…

Agents see no catastrophic shift from the housing boom times, with homes languishing and prices in decline. The volume of sales appears to be running on a par with last year’s record numbers, and there are still towns and neighborhoods where sales continue to clip along.

What has changed in terms of verifiable statistics is that the inventory of homes on the market has surged, even for the traditional spring selling season. Faced with so much competition, many sellers are being counseled to settle in for a longer wait, and think hard about their asking prices.

She says this is what a “normal” market feels like. No more long lines at developer grand openings, no more triple bid situations, and in the long run it’s probably the best for everyone, especially in a market like Chicago that was never overheated in the first place.