If you are a buyer and working with a good realtor, the Chicago luxury market is a much friendlier place. The thing to keep in mind right now is that, nationwide, the real estate market is recovering. If you are looking for a property in the Chicago luxury real estate market, either a luxury condo or a single family home, you would be wise to act now. Buildings such as the Trump and the Ritz Carlton are selling quickly. It’s important that you’re working with a realtor who knows how to help you find that perfect property for you.
Checking the Price
Realtors have a tremendous amount of tools at their disposal to help you determine whether or not the price on a Chicago luxury home is a reasonable one. These include making a comparative market analysis. This will give you and your realtor an idea of what comparable homes in the same area have sold for in the recent past. If a homeowner happens to be asking too much for property, having a market analysis can be a great way to make certain that you don’t end up paying too much and to make certain that you have a realistic idea of what that property is really worth.
Luxury realtors tend to be very well informed about the Chicago luxury homes. This gives them an advantage and, at the same time, it gives you an advantage, as well. The advantage is the fact that, when a new property comes onto the market, your realtor will know about it almost right away, even sometimes before it is listed in the MLS. If something comes onto the market that suits your needs perfectly, expect a call from your realtor.
The Internet is a wonderful tool for looking up real estate listings, but realtors still have an edge in this regard. If your realtor offers, have them send you e-mails of any listings that come up on the market. This may give you a tremendous advantage in being able to make an offer on a property that is priced very favorably.
Price reductions are sometimes very heavily advertised and sometimes not. This is another area where having a good realtor on your side is important to finding a great deal. They will be aware if a property in which you are interested but which was too high for your budget is reduced in price. When this happens, your realtor will be in a position to help you jump on the deal right away, if you want to buy it. Realtors have instincts about this, as well. They may be fairly certain that whomever is acting as the seller’s agent on a property is about to reduce the price based on how long it’s been on the market or how much foot traffic they’ve had at their open houses. Be sure you ask about this regarding any home that you’re interested in.
Patience may no longer be a virtue in the more popular luxury Chicago homes. A good luxury realtor will advise you about making offers on these homes. Because of the recent housing recovery, sometimes you need to act quickly to try and avoid a multiple offer situation. If you run into what you believe to be your dream home you may want to put in your offer right away, especially in the more popular properties. Having a good realtor and getting to see these properties first will help put you in your new Chicago luxury home quicker and at the best price.
The Hancock Group with @properties specializing in downtown Chicago Real Estate including The Gold Coast, South Loop, West Loop, Streeterville & Lincoln Park for over 10 years. Call/Text/Email Us today at 312-296-9300, or Find us on Google+