![]() ![]() The mantra is to sell high - buy high so your alternative is to wait until prices fall which means you will sell for less in order to buy for less. ![]() In many cases, it is enough to cover a substantial down payment on your new home, keeping your payment relatively low. If you’ve been waiting to sell your home due to concerns about how rising prices will impact your next home search, don’t forget to factor in the equity you’ve earned on your current home. “Homeowners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion. Danielle Hale, Chief Economist at, explains: The record increases in home values over the past few years have very likely increased your equity considerably. Benefit: You Likely Have Seen an Impressive Growth in Equity According to NAR, in July the average home sold in as little as 14 days with multiple offers to choose from. This is where having an experienced Chicagoland real estate team on your side comes in. While you’ll have more options for your own home search, inventory is still low, and that means your home will still sell quickly if you price it well. According to the National Association of Realtors (NAR) July report, there was only enough housing inventory available to cover about 3.3 months. This would mean that there would need to be approximately a six-month supply of homes. For example, in a typical market, we are considered to have a balanced market when there is enough housing inventory available to meet the pace of buyer demand. We may not see the historical inventory lows we did in 2021, but available property numbers are still low overall. While the number of available homes for sale has increased this year, this is still considered a sellers’ market. Benefit: Inventory Throughout Illinois is Still Low While you may have to wait a little bit longer to sell, you’re not going to be facing repeated disappointment and heavily inflated prices when moving to a new home. So, if you have been waiting to move due to housing inventory shortages, it’s good to know that more options are available than last year, and the bidding wars have slowed dramatically. This offers you a great opportunity to find a home at a competitive price. If you’re selling your home due to an upcoming move, it means you’ll have a broader range of options when shopping for your next property. While this seems like a negative for anyone getting ready to sell a home, there are benefits waiting for you when buying after you sell your home. We’ve all seen the growing housing inventory in Illinois and throughout the country this year, as rising mortgage rates slowed the post-COVID lockdown real estate frenzy. Benefit: You Have Great Options For Your Move We’ve put together our top reasons selling your Chicagoland home now may be a better option than waiting to see what happens in the new year. Fortunately, there are benefits to selling in a slowing seller's market. It’s no secret that we’re seeing changes in the Chicagoland housing market as interest rates climb and buyer demand slows. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |