REAL ESTATE 2020 | The Market Is HOT! by Penny O'Brien, Realtor

THE HEAT IS ON IN THIS HOT MARKET!

The election is over & the first weekend afterwards proved to be a blockbuster for the housing market. This was very evident as I stood in line outside of new listings to tour with my buyers. In the last 4 weeks, homes under contract has seen an increase of 40% over 2019, while the number of new listings remains the same as 2019. This is creating an incredibly low supply of homes for sale. Law of supply & demand put the sellers in the driving seat. Historically low interest rates are causing stiff competition among buyers. There simply are not enough homes on the market to satisfy the number of qualified buyers. Updated homes, priced right, are receiving multiple offers at or above list price. Sellers are negotiating for the terms & conditions that work best for them. The economy rebounded in the 3rd quarter with 33.1% increase in Gross Domestic Product. The housing market was a huge contributing factor.

The definition of “home” has taken on an entirely new meaning. Our lifestyles have completely changed. We are spending more time with our loved ones. We need individual office space for 2 people and a room for e-learning. This is not changing in the foreseeable future. The National Association of Realtors shows that existing homes for sale are down 18% compared to this time last year. The time to sell is NOW, NOW & NOW before more sellers enter the spring 2021 market & the competition heats up!

ABOUT PENNY O'BRIEN

BAIRD & WARNER – One word that consistently comes to clients’ minds when they think of Penny O’Brien is “hustle.” As a Seller Representative Specialist, she loves meeting with sellers to discuss pre-market home improvements and guide them to make their home “showtime ready” when it hits the market. She strongly believes in professional staging and offers it as a complimentary service. With a reputation for “good-looking listings,” she helps clients realize a higher return and quicker sale. Penny says “Staging transforms a home from average to amazing”.

Penny O'Brien Broker, Relocation Specialist and

Negotiation Expert • (630) 207-7001 • penny.obrien@bairdwarner.com