Chicago Real Estate Market

Perspective: Chicago Real Estate Market - It's a Price War and a Beauty Contest!
My clients ask me, from Washington State to Chicago, to Boston Mass, what is happening in the Chicago market?
I call it a split personality. We have the market personified by the average first time home/condo buyer or young family outgrown their condo, and the Foreclosure buyer.
The first wants a home for the next 5-7 years that will be close to work, the "EL" or Metra to reduce time commuting, and walking distance to restaurants, entertainment, recreation, parks, and maybe the lakefront. These are willing and able to pay "market price" for top of the line features, ie: in unit washer dryer, and upgrades. If condo prospect, they are also willing to buy conveniences like the building amenities such as 24 hour doorman, and the gym. These, however, are among only about 20% of those out looking. Inventory is high and prices are approximately 2001 levels.
For you sellers, that means about two parties of ten showings will buy anything at "market price" in your neighborhood at all. So make every showing count.
The "other" side of the market personality is the foreclosure type. These people are just like the first, only they expect to get it all for a "steal" or the foreclosure, bank owned price: top of the line features, upgrades, mint condition, full amenities, low assessments. These buyers contribute and set the data results which tells us that sales are up this June over last.
And so sellers ask, why didn't mine sell?
The answer is very simple: it wasn't the lowest price, most beautiful on the block, or in the building. It's a price war and a beauty contest. Make every showing count!