The west side of the country has seen a slow down in sales… and we know that what happens in the west usually travels east. In the past few months, you may have heard me discuss the “shift” that Illinois has been experiencing. The “shift” is where the market resets itself. If you were to imagine a bell curve, approximately every 10 years, the housing market “shifts” to reset rising prices / home sales. Our last shift was 2008, one that we all remember all too well. Due to our tax environment, we in Illinois tend to feel pressure sooner than many other states in the country.
While we are not going to experience anything of the magnitude that we felt in 2008, our market is changing. Sellers have to be more conservative on prices, have their houses in pristine condition and remain patient. Buyers are in a great position, as this will shift to a buyers’ market. Interest rates are still low, which makes buying a home affordable. We do anticipate seeing interest rates rise in the near future, however, it will take time.
I believe our shift is here in a large part due to the TYPE of homes we have available compared to the demand. Our large population of baby boomers want to downsize into first floor / single floor living. There just simply isn’t the inventory for that demographic. And the Millennials are looking for open spaces and completely functional homes. SMART systems are taking priority… living rooms not so much.
If you or someone you know is looking to buy / sell, I’d be happy to help them navigate through this shift and win. We know from the 1980s, people buy / sell every day. It has to be the right time.
PS – remember our referral program. When you send me a referral, I will donate $500 to a charity of YOUR CHOICE when the property closes.