After viewing several homes with buyers the past few weeks, it has become clear that the market is significantly oversaturated with homes for sale.
While viewing the listing matches with my buyers, the homes just keep popping up. This is causing buyers much indecision, since there is little difference between many of these homes.
Many homeowners seem to be trying to capitalize on the $6,500 existing homebuyer tax credit, which allows a buyer to earn the credit with a home purchase if they sell their home they have lived in for a period of five of the last eight years.
This is also giving buyers all the cards in negotiating as well. Should the seller not come down far in asking price, the buyer will move on to another home to make an offer on. This is leading to the overall decline in prices in the Chicago area and nationally.
It will be real interesting to see what happens once both tax credits expire April 30. Recent economic news suggests tough times are still ahead, and the last few Spring markets have been far from how they were in the late 90's/early 2000's.
So it's back out to look at the new wave of homes on the market. Now we just need more buyers to fill all of these homes.