REAL ESTATE 2021 | Real Estate Predictions & More by Penny Obrien, Local Industry Expert

US NEWS PREDICTS HOME INVENTORY WILL INCREASE, BUT SELLER'S MARKET TO REMAIN

As we open back up, the mask mandate lifts & vaccination % climbs, the housing market this summer will look a lot different than 2020 when we were in complete lockdown! America is going to TRAVEL and many buyers have already bought. As of 6/8/21 our Northern Illinois MLS still reporting the month supply of inventory is down -51%, average price is up 17.6%, new listings are at a slight uptick of +5.9%.

Last week showed new listings and homes under contract about even with the same week in 2020. We could see a more traditional summer market as the nation takes to the skies and the beaches! There will also be a hard back to school date when buyers will want to be in their new homes. The fall will be the true test as the market usually calms down after those last frantic closings in August.

US News predicts home inventory will increase, but remain a seller's market for the foreseeable future. Analysts also forecast that interest rates will rise, but at a slow pace. Low inventory was caused by sellers having plenty of space to work remotely & to create an exercise space. Therefore, not moving! With the end of the pandemic in sight, sellers are now entering the market.

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