Fox Valley area – A springtime Illinois market report wouldn’t be complete without an overview of the cash buyers. According to a recent article in the Chicago Agent Magazine, Chicagoland area investors still have deep pockets. A whopping 39.8% of sales as of January 2014 were all-cash deals.
Inventory still remains limited and a strong offer of all cash still remains enticing versus an offer above asking price with financing. First time home buyers are frustrated by the lack of choices and have longer wait times to find a desirable home. Bringing a full price offer on a plain vanilla conventional mortgage, with no contingencies, and a 30 day close is the best way to show a seller a serious offer. Buyers may be able to sweeten their offer with an escalation clause, however, these should be very limited in scope.
Charles Rutenberg Realty Fox Valley Broker, e-PRO