real-estate-2020-the-market-is-hot-by-penny-o-brien-realtor
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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

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....

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THE HOUSING MARKET CONTINUES TO SURGE IN SPITE OF COVID-19 Home buying traffic & homes under contract was up an average of 60% over 2019 for the last 4 weeks (week ending September 27, 2020) in our Northern IL MLS according to Midwest Real Estate Data. The housing market continues to surge in spite of COVID. Realtor.com's Housing Recovery Index indicates that the housing market started out strong in 2020 but plummeted in March when pandemic hit. Recovery began in May. The housing market is still gaining momentum and is dramatically outpacing last year. This is a great time to list your home to get the best price with the most favorable terms! How will this heated presidential election affect the housing market? In a non-presidential election year, there is a -9% decrease in sales for November over October. In an election year, that drops even farther to -15%. This is a result of temporary cautiousness. As consumer confidence rebounds so will the housing 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

REAL ESTATE 2020 | Home Buying Is a Frenzy! by Penny O'Brien, Realtor

THE HOUSING MARKET CONTINUES TO SURGE IN SPITE OF COVID-19 Home buying traffic & homes under contract was up an average of 60% over 2019...

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NO SLOWDOWN IN SIGHT FOR FOR THE HOUSING MARKET THIS YEAR The housing market continues to be on fire for sellers! Because of Covid-19, the beginning of the school year is not drawing a line sand for a slowdown in the housing market this year. There is no slowdown in sight! Every week since the last week in June, homes going under contract have exceeded 2019's numbers by a 50% increase! Simply Amazing. Weekend 7/27, our Northern Illinois MLS had a whopping 67% increase! Woo hoo! Get that house on the market! For the last 7 weeks, week ending 8/10, the number of new listings is dead even with 2019. If no increase in new listings, but 60% increase of homes selling - we are experiencing a huge shortage of inventory creating a utopia for seller's listing their homes! An updated home, priced right will fly off the shelf, often in multiple offers. List your home yesterday! There might not be a better market for sellers for a long time. On the flip side, buyers are going crazy trying to buy with these ridiculously, historically low interest rates. Even though they may be paying over list price in a multiple offer, they are saving big bucks! Contact your local savvy real estate agent to strategize how to win that home in a multiple offer! 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

REAL ESTATE 2020 | Seller’s Market is on Fire! by Penny O'Brien, Realtor

NO SLOWDOWN IN SIGHT FOR FOR THE HOUSING MARKET THIS YEAR The housing market continues to be on fire for sellers! Because of Covid-19,...

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IT'S A SELLER'S MARKET, PRICED-RIGHT HOMES WITH LOW INTEREST RATES Who knew that a global pandemic would produce the hottest seller's market in recent years? Coupled with historically low interest rates, buyers are snatching up priced-right homes, in good condition as soon as they hit the market. Sellers are often getting full price in multiple offers. Thinking of selling? Do it NOW! In a normal housing market, the 4th of July weekend signals a slowdown of home sales. This year is anything but typical as inventory of homes for sale remains low. As the state continues to reopen, inventory levels of homes for sale could spike in the second half of the year. That would be a relief to buyers waiting with a low interest rate pre-approval in hand for that perfect home to hit the market. Covid-19 is affecting the inventory of homes, but not prices. According to Infosparks, single family home prices in our MLS have increased 2.2% in the last 12 months. Illinois experienced 34% drop in closings May 2020 over May 2019. Closings in June were trending up as pending sales increase. Currently, purchase mortgage applications have reached an 11 year high and 30 year fixed reached an all-time low! This is according to MBA layered Purchase-Application Index. If you are considering entering the housing market, it is a great time to buy or sell! 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

REAL ESTATE 2020 | Covid-19, The Perfect Storm for Sellers by Penny O'Brien, Realtor

IT'S A SELLER'S MARKET, PRICED-RIGHT HOMES WITH LOW INTEREST RATES Who knew that a global pandemic would produce the hottest seller's...

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VIRTUAL TOURS & FACETIME SHOWINGS CONSISTENT DURING PANDEMIC As the country opens back up under Phase 4, so does Real Estate, even though it never really stopped. Homes that are under contract are near 2019 numbers. 4,566 homes in our MLS were under contract this time last year. According to Midwest Real Estate Data, there are currently 4,222 homes under contract. Supply remains low! In 2019, we had 7,819 homes on the market versus the current 6,370. Low supply and historically low interest rates are creating pent up demand at all price levels. It's a great time to list your home! Good looking, updated homes in great condition are selling quickly and often in multiple offers. While the real estate market is hot and on its way back to normal levels, the temporary slowdown in activity will result in a decline in home sales of as much as 14% for 2020 reports National Association of Realtors. Despite Covid and shelter at home, low inventory will cause home prices to increase 1.3% in 2020. May & early June are indicators that housing will be one of our nation's strong economic sectors. It is an excellent time to enter the housing 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

REAL ESTATE 2020 | Market Demand Remains High During Phase 4 by Penny O'Brien, Realtor

VIRTUAL TOURS & FACETIME SHOWINGS CONSISTENT DURING PANDEMIC As the country opens back up under Phase 4, so does Real Estate, even though...

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VIRTUAL TOURS & FACETIME SHOWINGS CONSISTENT DURING PANDEMIC Covid-19 has caused inventory of homes to decrease, but demand is still high! Many sellers put their homes in temporary status when the shelter in place order started, but buyers still need to buy! When an updated home that is priced right goes on the market, it is selling FAST and for a GREAT price. Many homes are selling in MULTIPLE OFFERS! Experts are saying the low inventory/high demand situation is providing sellers with a nice little increase in their sales price! Although Covid-19 has changed the way we do business, we are still doing a lot of business . Many precautions have been put in place with the selling of homes. Masks & gloves are worn by agents & buyers. "No touch" showings! Only the parties signing the contract & their agents are allowed. Most agents are also offering virtual tours for their listings & facetime showings! If you are thinking about selling your home, contact your realtor to talk about how to do it in a way that you and your family feel comfortable and safe! 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

REAL ESTATE 2020 | Real Estate Is Essential by Penny O'Brien, Realtor

VIRTUAL TOURS & FACETIME SHOWINGS CONSISTENT DURING PANDEMIC Covid-19 has caused inventory of homes to decrease, but demand is still...

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REAL ESTATE IS AN ESSENTIAL BUSINESS AMID THE PANDEMIC Real Estate was deemed an essential business. Buyers need to buy and sellers need to sell. Closings are happening as scheduled with more documents signed in advance and only the principle parties attending a very short closing. Movers, inspectors, appraisers and realtors are finding their new normal. Spring 2020 started as a crazy busy season. Low inventory was the catalyst for quick sales and multiple offers. While the market has slowed down by more than half, there is still a pent up demand. An updated home, priced right can still sell quickly under shelter in place. There will be many financial challenges in the near future, but housing is not the driver. In 3 of the last 5 recessions home prices actually increased! Goldman Sachs GDP Forecast indicates no immediate growth but gains are forecasted in the second 1/2 of 2020. 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

REAL ESTATE 2020 | Real Estate Is Still Happening by Penny O'Brien, Realtor

REAL ESTATE IS AN ESSENTIAL BUSINESS AMID THE PANDEMIC Real Estate was deemed an essential business. Buyers need to buy and sellers need...

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8 IMPORTANT TIPS Spring has historically been the best time to sell your home, with April being the best month to get the best price! We are experiencing an incredibly fast moving market. The best looking homes, priced correctly are selling quickly! Simple fixes to your curb appeal could net you that coveted buyer! 1. New Welcome mat! Coco Coir please. There are so many inviting welcome mats out there that say "Hello” or "All Are Welcome Here". It is considered bad Feng Shui to have cutouts in a welcome mat! 2. A new front door does wonders to add curb appeal to your home. You can replace it for as little as $500. At a minimum, please paint black, dark gray or a neutral color. Red is currently out when trying to sell a home. Update the hardware. 3. A trio of potted colorful flowers is very welcoming. Throw in a lantern or possibly the current trend, a word sign - Welcome! 4. Clean up your flower beds and add fresh mulch! Yard art is very personalized, please remove. A home does feel very homey with bird feeders in the backyard. 5. Does your home need pressure washed? Hire a professional company to make your siding look brand new. There should not be any "green" on the siding. 6. Have your windows professionally cleaned, inside & out. 7. Check out your mailbox. Is it ancient? leaning? plastic? The mailbox is one of the first things a buyer sees. Consider replacing. Plant some flowers around the mailbox. 8. Refresh your house numbers! The new updated numbers are large, modern & sleek. HAPPY SELLING! 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

REAL ESTATE 2020 | Primping Your Curb Appeal by Penny O'Brien, Realtor

8 IMPORTANT TIPS Spring has historically been the best time to sell your home, with April being the best month to get the best price! We...

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VALUABLE ADVICE WHEN IT COMES TO SETTING YOUR LIST PRICE When determining your list price, several factors come into play - the comparables in your neighborhood, home improvements, your motivation and timeline. Your list price greatly affects the quickness of the sale. The quickness & market time affects your final % to list price. Your knowledgeable real estate agent will provide you with the comps in your neighborhood. The number of updates your home has compared to the comps in your neighborhood greatly affects your list price. 76% of first time home buyers want a move in ready home, according to Bungalo. That includes new appliances, fresh paint and new carpet. An unimproved home, while potentially a great value, may linger on the market longer, garnering a lower sales price. Sellers who want to try a higher price for a while because they “aren't in a hurry”, run the risk of longer market time and lower sale price in the end. You only have one opportunity for NEW status. Don't waste it! Your first 2 weekends on the market brings out the most educated buyers that have already seen the rest of the current inventory. If you’re overpriced, you run the risk of missing that buyer! Another common seller pitfall is what the real estate world refers to as “anchoring”. This is when the seller has a set price in mind, which is often related to what they paid for the house. What you paid for the home, which is very important to you, unfortunately, has no bearing on your list price. The current market, condition of the home & the updates are what should be used to set the list price. An overpriced home that stays on the market gives the buyers the confidence to submit the dreaded low ball offer. A fresh new listing, priced correctly will receive much better offers, closer to list price- which could lead to a seller's dream- a multiple offer situation – possibly resulting in a sale price at or above list price. 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

REAL ESTATE 2020 | Determining Your List Price by Penny O'Brien, Realtor

VALUABLE ADVICE WHEN IT COMES TO SETTING YOUR LIST PRICE When determining your list price, several factors come into play - the...

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LOCAL REALTOR OFFERS GREAT ADVICE If you are contemplating selling your home this spring, you should be preparing your home NOW! Did I say, NOW?! The spring real estate market starts after the Super Bowl. The last 3 years, it started earlier, as soon as the calendar flipped over, 1/2/2020 in this case! Showings & open house traffic saw a huge jump the 1st weekend of January 2020! There is lower inventory of homes this time of year, resulting in less competition, especially if your home has an obstacle to overcome such as an unfinished basement or your home is dated. It could be your best chance to sell quickly & for the highest price! Sellers often make the mistake of waiting until May or June to list their home. This is the tail end of the spring market that usually quiets down in July, not allowing the home enough time to get sold! Sellers worry about selling too soon when they need to stay until the end of the school year. An experienced agent will make it clear in the listing that you need a first week of June closing. Go ahead and get that home on the market first week of March! May 2019 saw an explosion of inventory causing prices to drop as competition heated up. Educated buyers waited for price changes. Sellers reluctant to respond to the market were often still for sale at summer's end. Homes sell all year! The cream-of-the-crop updated home in a great location, priced correctly is going to sell quickly, no matter what time of the year! 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

REAL ESTATE 2020 | When to List for a Spring Sale by Penny O'Brien, Realtor

LOCAL REALTOR OFFERS GREAT ADVICE If you are contemplating selling your home this spring, you should be preparing your home NOW! Did I...

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