REAL ESTATE LOCAL | Urban Myth: Home Prices are Going Down! by Penny O'Brien, Baird & Warner
THE TRUTH ABOUT REAL ESTATE PRICES
Dear Home Buyer,
All experts & economic indicators are NOT predicting that home prices are going down! It is still a seller's market, although it is shifting! In the last 6 weeks, it has gotten easier for you, Mr & Mrs. Home Buyer, to buy a home! There is less competition as some home buyers have successfully closed on their new homes & some buyers have dropped out of the market due to rising interest rates.
The law of supply & demand, there are still not enough houses on the market for all the buyers that are trying to buy. In our MLS, there is only 1.6 months supply. What HAS happened is that inventory is increasing & buyers can once again be fussier. Buyers can easily NOT be in a multiple offer situation which goes hand in hand with NOT writing an AS IS offer.
FACT: The market has become much more buyer friendly.
It is a great time to buy. Depending on which expert you ask, home prices are still expected to increase 10.3% this year. The sooner you buy, the sooner you will be racking up some equity. What will happen the second half of 2022? The market is slowing down. The experts have revised their inventory forecast for .3% increase in inventory to a HUGE 15% increase by the end of the year. Great news for buyers!
The hesitant buyers are worried that the housing market is going to crash, that we are in a bubble. Rely on the experts Fannie May, Freddie Mac, CoreLogic, NAR & KCM which all remind us that a recession does not equal a housing crisis. In 4 of the last 6 recessions, prices actually increased 5.55%!
Team up with a local Real Estate Expert & happy house hunting!
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
