How Low Can It Go? IL 2nd City has only...How Many?

By
Managing Real Estate Broker with Heart Realty Group, Inc.. IL-471.002355

One of the nation's most diverse cities (according to WalletHub survey released recently), Aurora, IL is Illinois' 2nd city stretched over four counties has only 73 single family homes available as of today - 5/10/21 in the public MLS for Nothern IL.  For a city of over 200K people and one of the most affordable in the western suburbs - less than 100 single, detached, family homes!

 

Even as a long time real estate Agent/Broker, I am having a hard time wrapping my head  around that figure.  The sort of good news is that there are an additional 40 available ATTACHED single family homes which include townhomes, condos, & Duplexes.  A great way for 1st time home buyers to start on their home ownership journey.

 

Investors and those that want to slowly start being landlords have even less choices with only 11 multi-units (1-4).  Only 3 of these are 3 or more units with the vast majority being 2 unit buildings.  Buy one  - live in one unit and rent out the remaining units!

 

This is a great time for sellers that are ready to sell, as long as they have made alternative housing choices or have bought their next home, are moving in with family or have decided to move into their 2nd home and retire.  Once they become a potential buyer, prepare yourself for the lack of inventory in most of the nation.  

 

You have read the stories of multi-offer situations, buyers paying $20K to even over $1M over list price for a home.  It's real and its coming to your area if it has not already done so.  

 

 

Posted by

Evelyn Santiago

Managing Broker/Owner - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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