As a Realtor, I am scouring the MLS, checking the Private Listing Network and speaking with other real estate professionals to get the inside scoop on any upcoming listings. Currently, we do have a shortage of active inventory. Read on what that exactly means.
What’s Really Going On In The Market?
Low Inventory
You may have been hearing the headlines for the past 6 months about “low inventory.” And in most price ranges, this has been a fact. Ever so slowly, we have been seeing a rise in inventory hitting the market in the last couple of weeks.
Our MLS has seen a 6-week streak of over 4,600 homes going under contract each week. Mid April saw the highest spike- at 5,263 homes under contract in one week (a 14% increase). The demand for homes is high.
What Does Low Inventory Mean For Sellers?
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The time to sell is now. You won’t have much competition when listing.
- Setting the home price at the competitive market value may even bring on bidding wars and sell your home for a higher price.
- The value of your home may be higher than even 6 months ago.
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The homes tend to sell quickly, to gain the highest return on your property, your home should be set up to sell- cleaned, staged and highlighted with professional photography. Don’t skip this important step.
What Does Low Inventory Mean For Buyers?
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With such low inventory, buyers need to make quick decisions. “Sleeping on it” may not be an option. When a property hits the market, buyers need to see it, decide if it's for them and make a decision quickly.
- Buyers need to be pre-approved, have their “must have’s” and “nice to have’s” in mind. And have a set budget to stay withing. Remember, sometimes going up $2,000 on a home may seem like a lot, but if it wins you a home, that amount spread out over 30 years at a very low interest rate is nominal.
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Be careful of buyers' remorse. Sometimes “winning” the bid leads to a moment when buyers feel they may have overpaid or in the tornado of multiple offers feel like they have made a mistake. Keep your focus on your goals. Does this home check all of the boxes? With such low interest rates, paying a bit more now, is equal to paying less a few years back. If this is the right home for you and your family, it’s a win!
These are all points I review with each and every client. If you have any questions on if now is a good time to list your home for sale, or find your next, give me a call.
Summer is just around the corner and with restrictions finally letting up, we will have more to look forward to in 2021! Many towns and cities have started to post their summer event schedule. As of now, we know about the following events!
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Bloomingdale- On Sundays, Delish Cakes is sponsoring a Maker’s Market! Check the dates via the link.
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Carol Stream- The summer concert series is back! Fewer dates than normal, but the favorites will be playing!
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Chicago- Chicago has many events coming up, from art shows to theater!
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Geneva- The Geneva Swedish Days are tentatively planned for 2021. Click the link to see all of the upcoming events.
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Glendale Heights- The Glendale Heights Festival is making a comeback this year beginning July 14th- July 18th.
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Lombard- Hurry to see the lilacs and tulips in Lilacia Park! Lilacs are almost in full bloom. May 1st through May 16th.=
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Schaumburg- Schaumburg is bringing back their summer concert series!
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St Charles- Kane County Fair is scheduled!
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Wheaton- A few of Wheaton’s classic events have indeed been cancelled, but many, such as the Cosley Zoo Run for the Animals is still on!
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Support Local, Shop some rare finds and enjoy a morning or afternoon stroll at these local French Markets:
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Glen Ellyn French Market
