“The market is terrible”

I'm a Realtor. And I love being a Realtor. But the job comes with frustrating realities. For instance - negotiating deals with incompetent Realtors.

On a home that has a real value of $280,000 for instance...

Buyer's agent: The market is terrible. That's why we are offering you this price of $250,000.
Seller's agent: This is a very low offer, but I'll present it to the seller. Buyer's agent: Yeah, they better take it. The market is terrible.

(Later)

SA: OK, my client is countering with $275,000. That's a steal for this home.
BA: Not good enough. We want it for $250,000. The market is terrible.

(And on and on until the deal comes together or explodes)

"The market is terrible" is something people SAY because they think it's true no matter what (it's also a very weak negotiation strategy). But a wise man once said "there is no such thing as a bad market - just a buyer's market or a seller's market". And if you define "terrible" as a buyer's market, what are you using to determine its terribleness?

The government's Office of Federal Housing and Enterprise Oversight reports on the Chicago "area"

News outlets often report that number as "Chicago"

Are you using these numbers to determine "terribleness"?

This week I'll be posting some real, accurate, local, and specific market information on Chicago neighborhoods that might provide some more insight into our market. Keep reading.