How soon?
If trends continue, prices will start falling. You might be able to offer under asking, too.
I bought 15% under asking in October of last year.
Chicago didn't really go crazy like Phoenix or Palm Springs...
If trends continue, prices will start falling. You might be able to offer under asking, too.
I bought 15% under asking in October of last year.
Chicago didn't really go crazy like Phoenix or Palm Springs...
That is a wild revelation to someone comparing greater Denver housing market, where adding 30% is required just to be considered....
I've been watching Zillow pretty consistently over the past few weeks, and have noticed price drops as well as longer days on the market in the Chicago area.
Knowing values don't increase much isn't really a deterrent considering the desirability of the location.
And other places consistently go for "less than asking" - but the end result is the same, really.
1) I used their seller's agent, and he gave me ~3% to get the deal done. So really only 12% under asking.
2) The asking price was too high to begin with.
3) The market had started to cool, and they wanted to sell since Winter was coming and Winter isn't a great time to sell a $1M+ condo in Chicago.
Of course, I've also heard that a significant fraction of those moving in are single men, to the point where the city has gotten the nickname "Menver".
Some areas around it had a very "Portland" or "Seattle" feel a few decades ago, and for a time they were a "well-kept secret". Not so much now, so the next big city may be somewhere else soon.
[0] https://www.metrodenver.org/regional-data/data-central?categ...
Someone else had mentioned that the meme started at least 10-15 years ago.