Real estate reporter Mary Ellen Podmolik has an article in today’s Tribune explaining how the market has changed for buyers in the past year. Here are a couple of the highlights:
“Don’t always expect sellers to capitulate. … It’s like ‘come on, I’ve already cut my price drastically.’ “
“If you’re not pre-qualified, you’re wasting everybody’s time, including your own.” … “And [people] need to know that being pre-qualified is not being pre-approved.”
– Century 21 Galaxy agent Gerald Knight, explaining that in the current market real-estate agents want buyers to be pre-qualified or even pre-approved for a mortgage before giving them a showing.