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Image by Glenn Carstens-Peters
  • Writer's pictureMatt Elakatt

Homes are still selling... we just have to be patient!

Interest rates have gone up, but people are still buying houses and prices are not going down, except in a few areas.

Overall, the real estate economy is up because there is still a shortage of homes compared to the demand.

In the last month, we’ve seen a more normalized selling process. The last couple of years were fascinating with homes getting multiple offers on the first couple of days on the market, which was great, and definitely not historically normal in real estate.

With high inflation and the interest rates around 6%, we are seeing a slow down on the multiple offer situation. Last year, we had homes with 20+ offers, but now we’re seeing more 1-10 offers in the first week on the market. This is not bad because historically the usual market time for a home was about 80 days in Illinois and 90 days nationally.

This shift to a slower sales process is a shift back to “normal”. Selling a home may take longer than in recent months, and there are still buyers. Not every lender can get you to the “finish line”. Let us know if you’d like us to introduce you to one of our trusted lenders.

Whether you’re looking to buy or sell,📱call/text us at 847-530-0534 or 💻 email using the link below to schedule a time to talk through the best approach.

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