SPRING 2023 MARKET IS COMING IN HOT!
We're seeing a gridlock in the housing market, primarily caused by Boomers who are staying in their homes longer because of low interest rates on their mortgages and nowhere to go!
According to Realtor.com, new listings in fall of 2022 were down a crazy 15.9%! The millennials make up 43% of our buying pool, but they have nothing to buy! A good looking, updated home priced at market value is still going to sell the first weekend. Here in the western suburbs of Chicago, inventories are still historically low. We have only 1.2 months of supply continuing the trend of a sellers’ market. Don’t listen to the media. It is a resounding great time to be a seller. Realtor.com forecasts a 3.1% increase in home prices in 2023 in the Chicago, Naperville, Elgin, Ind & WI area. The Midwest has also entered Zillow’s list of hottest housing markets for 2023. Prices will continue to appreciate but at a much slower pace than experienced in the last 2 springs.
What has changed is market time has increased. Some buyers have pulled out of the market because of fatigue or resigning leases after losing out on homes in multiple offers. Fewer buyers have given active buyers more negotiation power when it comes to inspection issues. The days of an automatic “as is” contract is gone. Fewer buyers means that the buyer might be able to think about it & come back for a second showing instead of writing a contract to beat a deadline. Buyers can be a bit fussier. We are seeing overpriced homes do price changes. Dated homes that need a lot of work on sitting on the market. Back to fresh paint & new carpet before listing. Good news for buyers – the interest rates are in the low 6s, the lowest point since September 2022. Buy down a point & you can be in the 5s!
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
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
