Not really. There will definitely be a change but we feel like its creeping around us and not straight up coming face to face with us.
It’s actually pretty interesting to look at what “happened” in the past 30 days in the single family sector of the Glen Ellyn real estate market. There were 42 new listings that came on the market, 29 contracts were posted and as of yesterday there is a total of 46 available listings. A normal market averages about 5-6 months of inventory and we currently have been hovering around 1 to 1.5 months of inventory.
Here are what changes we are observing:
-when pricing homes today you can not base a listing price on the head scratching sales from 3-6 months ago. Pricing has to be thoughtful and based on what’s happening now. Those homes not priced accordingly are the ones sitting on the market.
-when priced well….multiple offers still play a part in our market.
-buyer’s offers generally are not including “as is” clauses and appraisal waivers
-value and presentation of a home is important. In markets like we are in- buyers value higher quality.
While sales volume is expected to drop 25% in most areas – we need to be reminded that any form of ‘recession’ implies a SLOWDOWN, not an END. So with 75% of transactions still happening, it’s wise to focus on the fact that….Opportunity is Everywhere, Always.
Growth and pull back are the natural forces of all markets. Higher interest rates are mostly a reaction to a strong economy growing too far too fast that fuels excessive price gains. This housing ‘recession’ is more about a lack of supply, a severe lack of more affordable first-time-buyer-options, AND higher interest rates.
Enjoy the spectacular colors of October!
The Carrie & Renee Team
Carrie, Renee, Lauren, Stephanie & Didi