Low inventory levels is a phrase that is consistently in the news when the subject is real estate - the housing market, etc . So how low is low?
As of today, in Aurora, IL, there are only 108 detached homes for sale. Considering that the city has close to 200K people (final numbers not ready for 2020 census) that is pretty low. So here is the breakdown by type of listings:
Detached Single Family Homes - Aurora, IL
# 2 City in IL
Total Active 108 - Population - 194,873 (2021)
New - 44 Reactivated - 11 Price Change - 8 Active - 45
There are currently only 2 homes under $100K. Only 1 home is over a Million ($1,195K)
Let's look at a couple of other towns that are similiar - Joliet, IL & Elgin, IL
Detached Single Family Homes - Joliet, IL
Joliet, IL - Total Active 103 Population - 146,572 (2021)
New - 35 Reactivated - 10 Price Change 7 Active - 51
They have 4 homes under $100K. The highest priced home is: $775K
Detached Single Family Homes - Elgin, IL
Elgin, IL - Total Active 101 Population - 109,567 (2021)
New - 37 Reactived - 5 Price Change - 5 Active - 54
They have 2 homes under $100K. The highest priced home is:$1,790M
One of the things that all three cities have in common is affordablility. All three have barely 1 months supply of homes as first time home buyers are being priced out of the majority of towns in the western suburbs of Chicago.
These 3 cities may be affordable but trying to win one of these affordable homes takes patience and an experienced agent. You may have to look at homes in lower price points than you are pre-approved for to win one, since with more buyers than there are homes, multi-offer situations have become the norm and you will be bidding more than likely over list price.
The lure of interest rates in the mid 3% - depending on your credit score - is bringing out buyers that are finally feeling secure in their jobs, ready to take the next step in adulthood and getting out of high rentals and enjoying the feeling of stability that comes with owning your own home.
Preparation is the key - so contact a lender and get pre-approved. Don't know where to start? Give me a call and I will send you my list of preferred lenders to choose from.
Find an agent that you feel comfortable with - you may have to try a couple or more that fits your own situation and style of communication. They will have to have a lot of patience and be able to take their time with you. It will take longer and you may have to have a more open mind of what your wants vs. your needs are to find the right home. An experienced agent will be able to help you determine whether something is a want vs. a need. Compromising on these things are a key to finding a home that you can enjoy long term.
Patience is definitely a virtue in today's real estate market. Location, home condition, and price have never been more important than in today's real estate market so prepare yourself and don't give up!
Comments (3)Subscribe to CommentsComment