Oak Park Market Update - July 2013
- Active Listings ------ 19 (+5)
- Contingent ---------- 10 (+0)
- Pending -------------- 1 (-1)
- Sold (past 30 days) - 12 (-1)
July has been another great month for Oak Park Real Estate. Listings are staying on the market a bit longer, giving buyers a little more time to find their dream home. In addition, we have seen more price reductions this month, showing that homes are not selling quite as easily as before. While the market is still active, it appears that it is leveling out at this time. This is largely due to rising interest rates which are having a significant effect on the market. Home that are priced well are still likely to sell, but the hot seller's market we have seen through the first half of the year has become a thing of the past.
Due to rising interest rates, home are becoming less affordable. With less purchasing power, we are beginning to see buyers getting priced out of the market. The result of this is that the demand for entry-level homes is increasing while the demand for higher value homes is decreasing, leading to a two-tier market. Homes around $600,000 and higher are only available to a shrinking number of buyers and are therefore harder to sell. Entry-level buyers will have to fight harder to make a deal than those looking for a more expensive home.
If you are looking to buy or sell your home, now really is the time to make a move. It's a good idea to get into the market before rising interest rates force you to settle for less. If you wait, you may not get the best value for your new home, or worse, you could be priced out of the home you had your eye on. As always, we are here to help in any way we can.
Give us a call at (818) 970-8773 or visit our website at www.MarkMoskowitzTeam.com, and see how The Mark Moskowitz Team can help you with any of your real estate needs.