Chicagoland Area Real Estate Blog & News

Solving Common Issues After an Offer Is Accepted

Here are some common issues that can occur after an offer is accepted.

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In this competitive home-buying market, we’re seeing certain issues come up after an offer is accepted. One of the main issues is low appraisals. When an appraised value is lower than the agreed-upon price, a decision needs to be made by both parties.

Buyers are crafting their offers to suit sellers who are nervous about the competition for their homes. We’re also seeing buyers forgo inspections and purchasing homes as is. They’re offering post-closing possession to sellers who are anxious about being able to find a new home quickly. This allows them to stay in their current home for a little longer while searching for their new home.

"Buying a property with structural issues will haunt you."

The one big concern I have with offers like this is if you choose to buy a property without an inspection. Even if you don’t plan on asking for repairs, it’s still important to have someone look at the house before you buy it. If you’re buying a property with structural issues, it's going to haunt you for years to come. There were situations back in 2007 and 2008 where...

What’s Driving This Low-Inventory Market?

Here are my thoughts on where our real estate market might be headed.

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Back in April 2019, there were over 47,000 properties for sale on our MLS. In April 2020, we still had over 40,000 properties for sale. At the end of April 2021, however, there were under 20,000 properties for sale on the MLS. Inventory is down over 50% in just one year.

This market is being driven by this lack of inventory. Prices continue to rise as demand for homes remains high. When is this going to change?

"Take advantage of this extreme demand by selling now."

If I had a crystal ball, I’d tell you. However, we’re keeping a very close eye on things as we head toward the end of the foreclosure and eviction moratorium. I predict that we’ll see some more inventory hit the market at this point and things will get a little better for buyers. As inventory expands, the market will change.

If you’re a seller, this means that now is probably the best time for you to sell. Don't expect this...