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Should You Buy Or Sell In Today's Real Estate Market?

The recent real estate market turmoil has caused both developers and potential buyers to rethink plans and be more cautious. For developers, some projects have been either put on hold or scrapped completely while focusing on selling units in buildings already under construction. For buyers it has meant taking a second and sometimes a third look before committing to a contract.

The other side of the equation has proven to be equally as difficult to judge. For those who had planned to sell their home, many are questioning whether or not it would be better to wait until the market improves and prices stabilize. But there are valid arguments for both sides and each individual can only take into consideration the factors as they pertain to his or her own situation.

Possibly the first thing for both buyers and sellers to consider is the number of homes on the market right now. From new and pre-construction, conversions, resells, older housing stock and foreclosures, the selection is more than plentiful right now. For buyers, this can be overwhelming but a good thing. With so many homes to chose from, there is virtually something for everyone in every price range, size and style. And another great plus is that with so much competition, you can often negotiate a better price with the seller.

For those considering placing their home on the market right now, the large inventory may very well work against them. While more buyers may be testing the waters because of the number of homes for sale, there are just that many more other sellers who may lower their prices or cut a better deal than you. So if you are interested in maximum profit, now may not be the time to sell with so many other homes on the market. But then again, if you are planning on making a purchase strictly as an investment and not as a home to live in, there are a number of high quality developments like http://www.bestchicagocondos.com/pre-construction-condos/lincoln-park-2520.html that have sold well and most likely will have a strong resell value in the future.

Another consideration for those wanting to buy is financing. Mortgage rates have been at very appealing levels for some time, although it is now becoming more difficult to qualify if your credit rating isn't quite up to par. There are still plenty of lenders who will offer loans, but down payments and insurance are still required and if the condo or house is appraised for less than what the asking price is you will most likely be required to make up the monetary difference yourself.

Location should always be considered when both buying and selling. Prime spots will nearly always retain their value, and downtown locations where there is a lot of growth and jobs are usually attractive. Real estate near the lake or river front is also normally priced high and in greater demand. Many experts advise that if you are planning on living in the home you purchase for at least five years and it is in a good location it will almost always appreciate in value. A quick flip as an investment might be more of a risk at this time though unless the property is a hot development in a fantastic location or neighborhood.

When all is said and done, price is right up there at the top with inventory when trying to decide whether or not to buy or sell right now. Some analysts are predicting that the market has bottomed out while others say prices will continue to fall. According to research done by Appraisal Research Counselors, homes in the Chicago area have only dropped 4.1 percent in value from their highest levels. Data gathered through November 2007 showed that existing home prices in Chicago actually gained about 6.9 percent per year since 2000. That is far better than many other areas of the nation and certainly something to consider.

Nobody can predict exactly what the market can do, but you can take into consideration all the facts and make an educated decision for yourself. Every situation will be different, and depending on your personal reasons for buying or selling as well as financial situation, it?s still possible to make the market work for you.

Paula Cherrist writes about Chicago real estate for Best Chicago Condos.

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