Getting this newsletter out has been on our minds for the past several weeks but trying to figure out what opinion to convey in terms of the real estate market has been challenging.
We have had the amazing good fortune to have been consistently listing new properties over the past 6 months with a typical list to contract date timeline of no more than 4 days. It has been an efficient process that truly made up for a lot of different markets we have had the pleasure (or not!) to experience. As of the last few weeks, we have taken a deep breath at the onset of each new listing we have brought to market- concerned if rising interest rates, inflation, impending recession, summer sun, summer travel or basic buyer frustration had arrived to change our tidy real estate world. A world we have come to enjoy!!
What we can say is that we do feel our market is faring better and staying healthy versus the slow downs that have occurred in other markets nationally as well as in other parts of the Chicagoland area. So far it still feels good- we anticipate we will need to incorporate a bit more patience and a 4 day marketing timeline will most likely be stretched out a bit. Pricing will become more important as well. Factors working in our favor are- inventory is still low, there are many buyers that have still not been able to secure a home, an uptick of buyers relocating into our area from outside of Illinois and an interest rate around 6% is not horrible. (Some lenders are encouraging buyers to consider an adjustable rate mortgage-ARM as an attractive option to bide the time until they can refinance.)
We always enjoy a good conversation and debate about the market so feel free to reach out.
In the meantime- enjoy the summer because this is why we live here!
Carrie, Renee, Lauren, Stephane & Didi
The Carrie & Renee Team