The market is not as bad as you may hear it is. The main reason the market is in the state that it is in right now is because of normal people listening to the media talk negatively about the real estate business. The media, mind you, the people who talk negatively about the real estate businesses, are not in our business and do not have first hand knowledge of our business, but they are the ones who talk negatively about it and for some reason, people listen. When those people listen, and decide to act upon what they hear and “ decide not buy right now”, that sets up a chain reaction and before you know it we are in a market that is not as good as it should be – when it is most definitely capable of being. The media definitely likes to exaggerate and sensationalize about any events, and especially if there’s an opportunity to be negative. Maybe it’s a current thing to chat about with a buddy you meet with for a drink after work – the reality is there’s actually a lot of buzz out there right now and many folks are looking to take advantage and buy NOW.

There are actually more buyers looking to buy than ever before, as many people want to take advantage of this rare market time. It may not seem like it, but they are out there and just need a bit of prodding to get from the prolonged looking period to that contract time. Properties that are priced right are still selling very well. The sellers realize that there’s a big inventory of properties out there, and are willing to make deals happen and earn less profit, and at the same time most buyers have realized it by now and want to buy. This has resulted in the sellers experiencing more interest in their properties, many more showing appointments, and even a few multiple-offer situations. So if the final number is right, the current market could actually be very beneficial to both sides. Another important aspect to this topic is a good buyers agent. A good buyers agent working to help a deal come together is extremely important these days. Most of the buyers agents these days are so happy to have a buyer that they are afraid to “help them” make the right decision for fear of losing them as a client. The buyers need this help though from a good agent especially when the right property comes along. Buyers agents out there, don’t just sit there and say nothing when the listing agent of a good property is trying everything they can to put a deal together with your client for the right property – get in there and help your buyer make the right decision!

Furthermore, we are now seeing many potential buyers who in the past were not even considering purchasing, as they were very content just renting. They then realized that now they can own an amazing property and get a great deal on it, too. Owning real estate sure is a good feeling. You own a nice condo, a town home, a cool duplex, a cute studio with a view, or maybe a 2-flat… It doesn’t really matter, as the only time it will truly feel like home is when you are the owner of that home. There are very few owners out there, if any, who have reversed the course and willingly took a step backward to renting. Life is about taking steps forward, and if you are a renter, that that exciting step forward and become an owner. They say real estate is all about location. Well, we all know that Chicago is one of the best cities in the world and owning a part of it is a big accomplishment that is something that can make every owner very proud.

For Region: Chicago

• David Mahoney
• President, MK Development

David Mahoney is a respected real estate professional with over a decade of experience. President and founder of MK Development Group, a successful development and marketing firm, David has been named one of Koenig & Strey GMAC’s ‘best of the best” for the past five years. With over 150M in sales under his belt, David has personally developed and/or sold over 160 condominium conversions in the Chicago area.