Have you noticed a ton of people moving recently? Why is that? Today I want to go over the factors in our market that cause people to move:
1. Low interest rates. Even with rising prices, low interest rates make buying a home more affordable. Right now, interest rates are down from where they were in May of this year. They were already low in May, so buyers can afford to move into nicer homes.
2. People are leaving the state. Since the pandemic, more people have had the opportunity to work from home. This means people don’t need to stay in Illinois for their job, so they have the opportunity to move closer to family, head south for nicer weather, or leave because of high state taxes.
"Low interest rates make buying a home more affordable."
3. People are using this moment to downsize. Whether older people are moving into a smaller home or transitioning into an assisted living facility, a large chunk of the older population is using this opportunity to change their lifestyles....
The term “as-is condition” has different connotations for different people. So when a seller calls and says they want to sell their home as is, I ask what that means to them.
Often, they want to list as is because they don’t want to update their property. That’s fine because we’ll consider that when deciding on a price. However, for some sellers, it means something like the furnace is out and they don’t want to repair it, but that’s something we’ll have to disclose. Some people think they can list their home as is and no one will ask for inspection repairs, but the issue is that as-is listings sometimes have negative connotations for buyers.
That means we need to be extremely careful when listing a house as is. The only time I advise it is when there are issues that won’t be handled. If it’s a cosmetic problem, the buyer understands that they’re buying it as they see it, like if you didn’t remove wallpaper or replace the carpet. However, if something major needs to be fixed, such as the roof, we need to disclose it. Sellers need to be smart about using the term “as is” when selling because it could turn buyers...