People always ask "How's the Market" whenever they find out that you are a real estate broker. It's hard to answer with so many experts saying things like - don't buy now - wait for interest rates to go down, best time to buy, and similar advice from one end of the spectrum to another.
The reality is that the time to buy a home or invest in home varies depending on the individual and their current life style, financial condition, marital status or simply just life! Just as "there's a home for every buyer" and "Home is where the Heart" is and other such quaint sentiments buying a home is not only a large financial commitment but an emotional commitment.
Unlike other "assets" its not cut and dry.
For instance - my latest "Sold" listing has/had a lot of potential! In an established neighborhood close to the Village downtown and minutes from strip malls that had everything from a 7/11 style pantry, several restaurants within minutes of the home, an Ace Hardware, doctor, dentist etc. and even a gaming/slot business. It was close to parks, biking/walking trails with easy access to several major transportation areas - 3 major interstates and some of the most heavily traveled routes to surrounding towns. The downside - it was mostly original with only some updates (windows, HVAC and some appliances) so needed someone that could deal with doing a renovation that was more than cosmetic.
With limited inventory I figured it would take at least 7 days to get offers. Boy was I wrong! Within 15 minutes of going "live" on my MLS I had a showing request which turned into a full price offer ($239,900)! Oh, did I mention it was CASH! So long story short, it closed a few days before my birthday (St. Patty's Day) on 3/15/23.
In today's market with higher interest rates than we have seen in several years after people refinanced to low mortgage rates which more than likely we may not see in my lifetime again under 4% current rates, the higher rates (6% - 7%) stopped most buyers. Only the most motivated buyers are out in this Spring market!
Yet here we are - with national stats from last year stating that 1/3 of homebuyers paid cash last year for their homes. So how's the market in your neck of the woods??? What are you seeing that catches you off guard?
Looking in the western suburbs of Chicago to sell or buy a home? Give me a call and let's see how we can assist you in finding the right home for you in this challenging real estate market!
Subscribe to CommentsComment