Chicago Ranked #1 Home Buyer's Market In U.S.

CHICAGO (CBS) -- Good news for local home buyers; the Chicago area has just been named the top real estate market in the country for buyers.

CBS 2's Pamela Jones reports real estate website Zillow ranked the Chicago metropolitan area at the top buyer's market of the nation's 50 largest metropolitan markets. That means home buyers have significant negotiating power, because the market is flooded with properties that haven't sold, prompting sellers to cut their asking prices.

The Breault family has been showing off their Orland Park home's selling points for months now – including new cabinets and stainless steel appliances.

"We started last year with no offers on the house, pulled the house off of the market around the holidays, and went back on the market this year," Ray Breault said.

Their house was almost sold recently, but the deal fell through.

"Very frustrating. We were right down to the last couple of days before closing, when everything blew up," Ray Breault said.

They said they want a buyer very badly, just like the owners of house after house nearby.

They hope Orland Park's listing as one of the top places to buy a house in the Chicago area will help.

"We want a deal that can go through, but that's fair," Donna Breault said. "We're not a short sale by any means, which is what a lot of people are looking for these days."

Zillow said 40 percent of homes listed in May in the Chicago area had their price cut at least once. It means buyers could get a bargain here.

The Breaults have been asking for $315,000 for their home, but they're willing to negotiate.

"I mean negotiation is any part of selling a house," Donna said.

They said their home has a great yard, and lots of updates, so the price won't exactly be rock bottom.