Buying a Home in Today’s Market: What Illinois Buyers Need to Know Before Making an Offer
For buyers searching in Cook County, DuPage County, and the surrounding Illinois suburbs, entering today’s real estate market can feel both exciting and overwhelming. While interest rates have tempered buyer demand in some areas, well-priced homes in desirable locations continue to sell quickly and competitively.
Whether you’re a first-time buyer or looking to move up, one thing remains true: now is not the time for lowball offers on new, competitively priced listings. If you’re not prepared to be realistic and competitive with your offer, you may be setting yourself up for disappointment.
Why Lowball Offers Are Rarely Accepted
Buyers often hear about market slowdowns on national news, but real estate is hyper-local. In areas like Western Springs, Oak Brook, Elmhurst, Naperville, Glenview, and parts of Chicago, the demand for updated, move-in ready homes remains very strong.
According to Midwest Real Estate Data (MRED):
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In Q1 2025, 44% of homes in Cook and DuPage counties sold at or above the asking price.
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The average days on market for homes under $500,000 was just 21 days, with many going under contract in under a week.
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Homes receiving multiple offers typically had final sale prices 3% to 8% above list price.
In this environment, submitting an offer 5–10% below asking—particularly within the first few days of a home hitting the market—is not likely to be taken seriously. In many cases, sellers have multiple offers to choose from and may not even issue a counter.
If You’re Not Ready to Compete, You May Not Be Ready to Offer
This isn’t meant to discourage buyers—it’s meant to set clear expectations. Submitting unrealistic offers can lead to repeated rejection, frustration, and fatigue, which may cause some buyers to walk away from the process altogether.
Before writing an offer, ask yourself:
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Is the home new to the market, well-presented, and priced in line with recent comparable sales?
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Are you ready to offer competitively, with strong terms and limited contingencies?
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Do you fully understand how list price relates to actual market value in your target neighborhoods?
If the answer is no, it might be better to wait or adjust your budget. An experienced local agent can help you recalibrate and avoid emotional burnout.
How to Compete Without Overpaying
Being competitive doesn’t mean being reckless—it means being strategic. Here’s how smart buyers win in today’s market:
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Understand the Data
Your agent should research recent comparable sales in the area and help you understand how the subject property compares. This is essential to making an informed offer—not just a hopeful one. -
Get Fully Pre-Approved
A true pre-approval—verified by underwriters—gives sellers confidence in your ability to close. In competitive situations, this can give your offer a serious edge. -
Move Quickly on New Listings
In Cook and DuPage counties, homes listed between Thursday and Sunday typically receive the most traffic and offers. If you see a property you love on a Thursday, don’t wait until the following week to tour it. -
Submit Clean, Confident Offers
That includes a strong price, a healthy earnest money deposit, flexible closing terms, and minimal contingencies. If you’re not prepared to do that, it may not be the right time to offer. -
Trust Your Agent’s Advice—And Own Your Decisions
If you're working with a seasoned and experienced agent, it's critical to trust their guidance. They know how to navigate the local market and advise you accordingly. But ultimately, the decision to offer—and what to offer—is yours. If you choose not to follow their advice and your offer isn’t accepted, it’s important to own that decision rather than assign blame. A good agent is there to guide you, not decide for you.
Final Thoughts
In today’s Illinois real estate market—especially in Cook, DuPage, Will, and Lake Counties—the best homes still sell within days and often above asking price. The data supports it, and experienced agents are seeing it happen every week.
If you’re a serious buyer, the key is to act decisively, with realistic expectations and a well-informed offer strategy. Making lowball offers on hot properties doesn’t just waste time—it can also cost you the home you really wanted.
When you’re ready to buy, be ready to compete—and make decisions you’ll stand by.
Frank Campobasso
Century 21 Circle
773-425-6265
Client Reviews: https://profile.realsatisfied.com/Frank-Campobasso
