Working with buyers at the moment in Chicago is proving to be a new reality, even compared to 6 months ago. Every new listing that comes on the market has a flood of showings. As a buyers agent it is even more important to watch those hot sheets like a hawk and get your buyer in the 1st day it is on the market. Second showings? Forget about it if you want a shot at making an offer, while your doing that 2nd showing multiple offers are coming in with one of those most likely being accepted.
I am concentrated in the West Loop/South Loop/Downtown area but I am hearing the same from many agents that work in other areas of the city. There is such a low amount of inventory available right now that new listings have multiple offers within a few days and go on to sell at or even above asking price.
I have a client that has put in 3 offers in the last 3 weeks losing all three to properties that had multiple offers and two of those places were sold at asking price, one even slightly higher than asking price.
Two things that you can do to help your offer be accepted is:
#1 Go in with your best offer as most likely there will be no negotiation. With multiples offers the seller will most likely just accept the best offer so do not think there will be another round with counter offers.
#2 Talk to your lender and give him all the necessary documentation so that you can go into these offers with a loan approval, not just a pre-approval. It helps your offer look stronger than a similar offer that only has a pre-approval.
While the inventory in Chicago remains low, we are seeing all the signs that prices are remaining stable and even starting to go up in some buildings. That combined with the record low interest rates only further reinforces that NOW is the time to buy.
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+