A classic adage concerning residential realty transactions is that markets recurrently swing back and forth, like a pendulum.
That is, a so-called “sellers’ market” might predominate during one real estate phase, to be subsequently followed by a market that largely tilts in favor of buyers.
Industry pundits have termed many markets that have come and gone that way, in a manner that unilaterally favors either the buyer or the seller in a closing.
Can both buyers and sellers profit in today’s housing market?
It’s hard to plug into the news these days without seeing multiple stories regarding what is clearly a searingly hot residential real estate market. One Chicago media source recently spotlighted an industry insider’s view that things are “crazy right now.” Reportedly, notes that national outlet, online queries concerning prospective home purchases and sales “are at all-time highs in the U.S.”
What does that mean for you if you are a potential buyer or seller, respectively? Can some factors seemingly favor both you and the party on the other side of a transaction?
A wealth of both anecdotal and empirical evidence strongly suggests that they can, with data pointing to what is often a win-win scenario for both sellers and purchasers.
Some notable takeaways from the current housing market
Consider sellers across Chicagoland and other areas nationally. They are unquestionably buoyed by a near perfect storm of high buyer demand coupled with limited inventory. That spells a pro-seller recipe that is customarily termed as a sellers’ market.
Yet things seem starkly different this market cycle, and for this single compelling reason: Legions of buyers who might otherwise be a bit spooked by market conditions are currently emboldened by attractive mortgage rates.
In a word, they are low.
In fact, many would-be home purchasers have never seen interest rates at such a discount, and they reasonably believe that locking in now is an imperative. They may pay some added home-price cost at closing, but that excess could be easily recouped in coming years by historically low mortgage payments.
“The stakes are high in real estate matters,” duly notes one proven Chicago legal source addressing realty transactions, and quality input from industry professionals can be immeasurably important for a participant.
A proven and client-empathetic real estate legal team can provide that, helping both buyers and sellers secure maximum protections and optimal results in their real estate matters.