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Real Estate Market

By
Real Estate Agent with Re/Max Professionals South

I have had so many people ask me recently what is going to happen with the real estate market and when we are going to see it turn around.  I wish I had an answer to that question but unfortunately no one does. If you ask 10 people in various financial or real estate areas you will probably get 10 different answers because there is so much uncertainty. Interest rates have gone down to below 6 % which certainly is a big plus but the rates have been pretty low for awhile and that has not seemed to help buyers come into the market.  Right now, even if we start to see an increase in home buyers, there is so much inventory that it is going to take a long time for the supply of homes to sell.

Right now there is a 13 months supply of homes in Plainfield, IL. This means that if no more homes go on the market, then it would take 13 months for all the current listings to sell and close. That is based on the number of homes that have sold in the last 6 months compared (505) to the number of homes that are currently on the market in Plainfield (1157).  If this number is less then 3 months then we are typically in a sellers market and if it is more than 6 months it typically means we are in a buyer's market so this tells you how much of a buyer's market we are in right now. But homes are still selling, it just means a seller has to realistic about their expectations and pricing.  

 

 

Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hi Angela,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Jan 22, 2008 10:15 AM
Debbie DiFonzo
Debbie DiFonzo - United Country VIP Realty, SW Missouri - Lebanon, MO
Lebanon MO and Buffalo Missouri Real Estate
Welcome to Active Rain! I grew up in Naperville and still keep tabs on the area. I look forward to reading more of your blogs.
Jan 22, 2008 10:52 AM