Now that a month and a half of 2010 is in the books, is the market getting better? According to CNNMoney.com, the home price forecast in Chicago is down 2.7 percent. That number looks bad, but it’s an improvement over what we saw in 2008 and 2009. The good news is that prices are expected to hit bottom in the second quarter of this year, which means a rebound could be happening right as the summer sales season begins.
What this means for buyers is that now is the time to go shopping, before the market begins to recover and the prices begin to climb. While there is no guarantee that the market will recover, and it’s unlikely to return to 2007 levels, the market will get better, and perhaps sooner that we think.
if you’re buying, look now. If you’re selling, take heart–you may be able to get more than you bargained for.