These first few weeks of the year have proven to confirm that the daily question we, as realtors, are approached with remains to be “Are you busy?” which naturally segways into “What do you think the real estate market will do this year?” Well… we are busy…working hard trying to find options for our buyer clients as well as working on prepping our new listings (staging, professional photos, etc) initiating conversations with homeowners to find out their goals in terms of selling and buying to create opportunities as well as networking with agents to find their new inventory. In terms of “What do we think about the market?”- we feel it will continue to build off of last year. The continued lack of inventory coupled with interest rates that appear to be moving in the right direction (6.375% as of yesterday courtesy of HomeTrust Mortgage) will fuel prices. This week we summarized for a potential seller some data on our upper priced listings that sold in the past 6 months and thought it would be interesting to share.

Address List Price Sales Price Close Date

388 Montclair               $1,387,500        $1,525,000   6/06/23

249 Taylor                   1,600,000       1,615,000      8/14/23

639 N Park                    1,579,000       1,725,000      10/27/23

360 Cumnor                   975,000        1,026,000      1/04/23

462 Pennsylvania #3N.     950,000       above list   closing 1/24

What the data does not tell you is that we had multiple offers on each of these properties and we were able to negotiate varying favorable terms for our sellers like waiver of appraisal, “as is”, free rent back, a delayed closing so the seller could find a home, cash,  etc. We were able to negotiate the terms that would make the decision to sell for the seller be very attractive. The last 2 deals- 360 Cumnor and 462 Pennsylvania were sold while on the private listing network which means there was never a sign out front and we were able to reach out to agents on the MLS as well as through our networking with area and Chicagoland agents that we know are looking for properties for their qualified clients.

So feel free to reach out to ask us what our thoughts are on your home’s value or what type of minor work could enhance your home’s value! It does not obligate you to sell but might be good food for thought.   

Stay warm in the next few weeks- the days are getting longer and the sun is shining today.. so lots to be thankful for.