Momentum is picking up in the real estate market, but proper positioning in the market remains the key to drawing an offer. Chicago’s Near North Side has a shortage of inventory, but there are buyers out there and money is still cheap. Wary buyers are thoroughly analyzing the market and the home before they initiate an offer. Homes that are well positioned in the market may sell quickly or even get more than one offer. However, remember, homes today will have to be sold twice: once to the buyer and once to the bank. The National Association of Realtors reported in February the just over 30% of contracts failed, due largely to declined loan applications or failures in underwriting due to the appraised value coming in below the negotiated price. The market will continue to improve, but you may not have a successful sale if you try to push the market.
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