REAL ESTATE LOCAL | Market Trends by Penny O'Brien, Baird and Warner Naperville

NORMAL SEASONALITY RETURNS, BUT HOMES STILL SELLING QUICKLY

The average 30-year mortgage rate just tipped over 8% for the first time since October of 2000! That’s 23 years! Misinformed buyers are still waiting for the housing market to crash, but with lack of inventory of homes for sale, this is not going to happen.

What is going to happen according to the experts, when the interest rate drops to, let’s say 6%, the buyers are going to go on a buying spree & there already aren’t enough homes to buy! Prices are going to go up. Have you heard the saying “Marry the house, date the rate”? If you buy a home TODAY, you have a fixed price, you can refinance. If you wait for interest rates to go down, you will pay more for that house next year! Think about all those buyers that were “waiting” in 2020 – 2023. According to US Census Bureau the average home price increased 30% during this time period.

The market has returned to normal seasonality of school starting & the weather changing. But even in this slower season, an updated home priced at market value is going to sell quickly, often the first weekend.

Existing home sales fell 2% in September because of lack of homes for sale. With rising rates & low inventory the slowdown in sales volume will continue.

A few interesting facts about this historically low inventory market:

• In September, the average number of offers dropped to 2.6, down from 3.2 in August. That means almost 1.6 buyers per home made unsuccessful offers!

• 26% of homes sold in September sold above list price. In July, it was 35%

• 69% of homes sold in September were on the market less than a month.

• 29% homes sold in September went to cash buyers!

Thinking of waiting to sell until Spring 2024? This is a great time to reach out to your trusted local realtor on advice on getting your home ready for the market!

Penny O’Brien is among the top 1% of all Chicagoland Brokers serving buyers and sellers throughout the western suburbs. Her track record of success has helped her build a solid repeat and referral client base.

• Sold $53 Million in 2021

• #1 Realtor Baird & Warner Naperville 2021

• Top 1% of all Chicagoland Realtors

• Glancer Magazine Reader’s Choice Award 2022, 2021,2020

• Chicago Agent Magazine Who’s Who 2021,2020, 2019

VIEW BLOG

PENNY O'BRIEN

REAL ESTATE

NAPERVILLE

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