It's A Buyer's Market In Real Estate

The Chicago Tribune put this story on the frontpage:

In the housing market, this is what "normal" feels like:

Homes sell in months, not hours. Prospective buyers actually browse. They drift back for a second look at a place weeks later, confident that it still will be available. They want the price cut. And they get it.

It's been a long time--at least five years--since the Chicago area's real estate market worked this way.

But many agents say the buying frenzy is now over, and "normal" has returned. Prices this year will appreciate less rapidly, and in many cases houses won't sell themselves before a sign has even gone into the ground.

That means it's time for a seller attitude adjustment, real estate agents say. Think about making a mere profit rather than a killing.

"I tell sellers, this is not the market we used to have," said Gold Coast agent Jeri Dry. "I tell them to be prepared for a six- to nine-month marketing time, and that's if they're priced correctly.

"It could be a year," Dry said. "Lots of condos have been on the market for 300 days."

Remember the Trib didn't put this in the Real Estate section or the Business section of the newspaper.Expect to see more stories like this one,especially if mortgage rates climb higher.