Categorized | Residential

Sellers Receiving Multiple Bids on Homes for Sale

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The residential real estate market in Chicago is certainly seeing strong signs of life in recent months. More sellers than ever before are receiving multiple offers on their homes. The rising interest and more aggressive actions of buyers lead many to believe that the housing market is finally in the recovery stage.

 

In some cases, sellers are reporting that they have received offers within a week or two of listing their house for sale. More importantly, the offers that they are receiving are very close to their asking price. The fact that buyers are willing to pay close to the asking price on a home demonstrates that the housing market is quickly regaining its health.

 

Economists and real estate experts, however, warn that sellers should not get too overconfident. Many of the homes receiving multiple offers are reasonably priced. Those that are overpriced have not been receiving offers at all.

 

So how does one know that their home is reasonably priced? It is best to work with your real estate agent to find out what a fair price would be on your home.

 

Many of the offers that come in for homes are still below the asking price, though they are getting closer than they have been in recent years. In some areas, the offers are closer to the asking price than they are in other areas. It truly depends on the level of competition among buyers and investors.

 

When homes are receiving multiple bids, however, it certainly does appear to be a very positive sign for the housing market.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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