If Jose is Looking for Work, This Real Estate Market is Nowhere Near a Bottom
You don't need to go any farther than asking your local contractor how many service calls he is getting before realizing that Chicago Real Estate, "Ain't Seen Nuttin Yet."
Today was a day all around the City of Chicago where I expected plumbers to be on call, ready, and waiting. After all, it's been a deep freeze here for about 3 days now, temperatures hitting -15, ouch! All that cold was bound to freeze a pipe or two in Chicago, and if you know anything about plumbing, you know that the warm up day, could be the worst as those pipes are just itching to burst.
But after calling my best contractor Jose, today, out for a pipe burst problem of my own, I asked him how many calls he had received recently. To my surprise..."None."
I guess the moral of this story is that you dont have to read a fancy report from CNN or some overglorified know it all real estate brokerage, you just have to use your common sense. If the local contractors aren't working, what does that mean?
Probably means the market is at a standstill, both new construction and remodeling -- hence, high inventory and falling prices.
If you were considering buying before this post, don't run scared. Your hand for negotiating is likely strong. Don't overplay it though, and sink yourself into something that just might have a little more downside.