WELCOME! WHAT IS GOING ON WITH THIS HOUSING MARKET???

Welcome to the very first post with many more to come!

Everyone is asking me, as a top real estate agent, what the heck is going on with this market in the Chicagoland suburbs?  It was so super crazy until just a couple of months ago when house listings had tons of multiple offers with so many addendums and additional terms to win the home.  Now we are not really seeing those "additional addendums and terms" anymore on most home listings.

Personally, I've felt the shift for the last 3 to 4 months. Some factors seem to be shifting the market towards the home buyers vs. the home sellers. The interest rate hikes have pulled back home buyers from wanting to make a move, however, the buyers that are out there today ARE STILL wanting to move. They are also the ones that did not win in those multiple offer situations, and now have a chance to move. 

I've been down this path before and home buyers that purchase a home today know that they can always refinance in the future.  They know if the rates continue to go up, then they have the lower rate of today. I'm also seeing many house investors come back into the market as they have a better chance of getting a home.  Investors didn't want to pay the higher prices that were previously offered as they usually are CASH buyers.  I'm also experiencing and seeing that home sellers are now doing price reductions so the market is stabilizing more.  On the other hand, I'm also NOT seeing a lot of housing inventory out there, like there was when the market crashed in 2008.  So when a great home with a great price comes up on the market, they are still getting multiple offers, but not going way over the home list price and not as many offers.

Wish I had a crystal ball, and then I wouldn't be writing this post ... LOL!  Of course never hesitate to contact us with ANY questions!  More blogs to follow!

Jackie