Zillow names Chicago the best buyer's market in U.S.

Morris Daily Herald reports:

Chicago may be the Second City but it's No. 1 for bargain-hunting homebuyers.

Of the 50 largest metropolitan markets, the Chicago area is the top buyer's market, according to real estate site Zillow, meaning buyers have negotiating power because there are plenty of properties for sale that haven't moved, prompting steep price cuts.

The local statistics in Zillow's index that gave Chicago its top ranking should buoy potential homebuyers in their pursuit of the American dream. But the numbers also provide a wake-up call for sellers who've heard reports of a generally improving housing market and may expect a higher price for their home.

Zillow found that in May, 48 percent of homes in the Chicago area sold for less than their previous selling price, and the median number of days those homes were listed on Zillow was 182 days. About 40 percent of homes listed in May had seen at least one price cut, and the median cut was 6.92 percent. The average discount on homes sold in May was 5 percent less than their most recent asking price.

Great moments of the Cook County Democrat Party Regime.