Post by Daniel Maurer
While the media would like you to believe that the real estate world is crashing down, the reality is, there is still a major shortage of homes to buy and there is still a glut of buyers. Sure, rates are up from this time last year, but this isn't the early 80s, they are still manageable. Also, if you buy now, you can always refinance when the rates go back down again. I have serious, active clients in all price ranges, from $200k and $1.25m and they are still on the hunt. The fact of the matter is, there just aren't enough homes.
This market is so different than the bank-driven economic collapse of 2008, it's very unlikely to crash the way it did back then. In Glen Ellyn and the surrounding suburbs, there may be a lower rate of property value increases, and maybe even be flat for a few years, but we are not going to see 20-30% decreases in property values like some other areas (FL, TX, AZ, etc...) The fact is, even in 2008, upscale, train-based communities like Glen Ellyn, Downers Grove, Elmhurst, Wheaton, etc, all fared much better than most of the country. Easy access to Chicago, gorgeous old homes, and a vibrant downtown are reasons why towns like Glen Ellyn hold their value so well in tough economic times.
With all that being said, I have MANY buyers (so do my colleagues at Berkshire Hathaway Chicago) that are desperate to find their dream home. If you are considering a move, DON'T BE SCARED by the news, the market will be hot again this spring (and already is in many price ranges)! Please consider calling, texting, or emailing me (or filling out the form below) so we can have a great discussion about the market and your home.
If you are looking for some advice on a real estate transaction, my door is always open