Chicago Suburbs Townhomes - Right time to buy/ negotiating

4 Replies

Hello - I'm planning to buy a town home in Chicago northwest suburbs. I find the prices to be competitive but also most of the homes were in market for quite some time (6 months or more).

I was wondering if this is a buyers market and a right time to invest? ALso, how to find the right deals and negotiate? I'm looking at paletine/arlington heights/hoffman estates/wheeling/buffalo grove areas if that helps.

Thanks,

Jay

For negotiating talk to your realtor. On deals that have been up a while I like to go in low enough I know won't get accepted but high enough can get a counter/be taken serious. If it's a newer listing best to talk to the sellers side feel them out see why they are selling, what terms seller might want, etc. and pick offer strategy based on their response. 

Suburbs are picking up for sure. I have dealt with multiple offers on some suburbs properties this year so it's not really a "buyers market". It's still a lot slower then the city though. 

Depends on the price point but my experience in the suburbs is that since Labor Day it has been dead. More in the higher points than lower.

Suburban realtors say anything over 400 or so is sitting. You can see the statistics of DOM and properties on the market are trending strongly upward.

Consider the monthly assessment and the financial strength of the condo association.

@Jay Kumar

From my point of view, there is no right time. It's about if the numbers make sense for you. If you are going to rent it out then you need to ensure you get decent cashflow and ROI. For negotiations, you need to get recent comps from your realtor to give you good idea of fair market value in specific area and work with your realtor.

I have few rentals in the areas you mentioned. This year in that area, market didn't moved much since last year summer.

Markets change quickly and some price points are more "attractive" than others. I am still seeing some of my buyers in multiple offer situations. I also see some of my sellers getting low-balled. The market is definitely balancing out.  

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