There's no doubt that interest rates are on the rise, and that's causing some buyers to think twice about purchasing a new home. Combine that with overall buyer fatigue from a long, spring of fruitless home searches, and you might start to feel like the real estate market is cooling off. The reality is though, as of now there are still plenty of buyers out there, as evidenced by continued multiple-buyer scenarios, so if you're in the market you'll need to move quickly and decisively when you find your dream home. In Glen Ellyn, like many surrounding areas, there have still been multiple offers on many desirable properties, but maybe 3-4 instead of 10+ offers it would have received only a month or two ago. A lingering inventory shortage continues but is starting to catch up, thankfully. The best way to stay ahead of the game is to be pre-approved for a mortgage and have your real estate agent on speed dial.
If you are worried about selling in a cooling market, there isn't much to worry about just yet. Even if rates have driven a small slowdown, this is still a historically great market, and a properly priced and prepared home should sell quickly. Of course, if interest rates continue to rise, that could change the picture. It does seem though, for the first time in two years, things seem tobe peaking a touch. In my local market, which is still booming, I've even noticed a slight uptick in price reductions. Prices are still high, but they are no longer increasing at the breakneck pace that they have been for the past few years.
Of course, all real estate markets are different. So, what's happening in your area? Is the real estate market cooling off where you live? If you’d like to learn what your current home value is, or would like to find your next dream home, please give me a call.
If you are looking for some advice on a real estate transaction, my door is always open