The Shift Is Happening In Our Area
Today I want to bring you a quick update on our residential real estate market.
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The news recently has been all over the place. Some are talking about a market shift, and others are suggesting the markets are moving, so let me explain to you what’s actually going on in the Chicagoland area.
Ultimately, it depends on the price range of the property: Homes in the lower price range typically still operate within a seller’s market. The higher the price range, the more likely they are to operate in a buyer’s market.
In fact, in the last week, I have been inside properties in an area where they have 1.5 years' worth of inventory—that is a lot. I’ve also been in areas where they have only two months' worth of inventory.
The shift is absolutely happening in our area. The lower price ranges right now aren’t affected as much as the higher price ranges. In most markets, the higher price range is anything above $200,000; in others, it’s above $300,000 or $400,000. Where that line sits depends on the average price range of your area market.
The bottom line is that you need to be aware that a market shift is occurring. Sellers need to look at pricing based on what they’re competing with and how many other homes in their price range are for sale.
If you have any questions or would like to know what exactly is going on with your house, feel free to reach out to us. We’d be happy to help.