Buying in the winter

[Tim Coppola]

Greetings everyone,

For those of you not here right now, I write this as temperatures in Chicago have gone from the 80's to the 50's in a matter of days. Given the winter we had last year reality is starting to set in.

That being said, I'm looking at buying my first place here in Chicago and was wondering what happens to prices as winter approaches. Is it worth waiting a few months to see if a seller is motivated enough to sell at a reduced price or does that generally not happen much?

I have no experience in renting properties yet but I can guess finding tenants in Chicago won't be easy here starting in a couple of months. I've lived here for 10 years and personally have never known anyone to move from November - February. Has anyone ever purchased property knowing there is a possibility that you may not be able to rent for the first few months? I'm starting to wonder if it's a good move to purchase my first place around this time of year or if I would be better off taking my time and maybe going to look at properties just to start getting a feel for the process. Then by the time Chicago's beautiful Spring weather hits I'll be in a better position to make my first purchase.

Any input or advice is welcome and appreciated. Thanks!