Here’s the breakdown of what’s happening in our real estate market.
There’s a slight shift happening in both the Illinois and Wisconsin markets. If you’re a seller there’s not that much to be worried about because we’re still in a seller’s market. However, instead of selling within hours, it may take a few days, and you’ll have to choose your price more carefully than you used to. This shift is happening for three reasons:
1. Many sellers decided to test the market. They are overpricing their homes to see if they can get the highest price possible. As long as you price your home reasonably, you’re still going to have multiple offers.
2. Buyers decided to wait out the extreme seller’s market. There are fewer buyers, but plenty are still in the market.
3. The typical seasonal market. This is when things tend to slow down in both the Wisconsin and Illinois markets.
Interest rates are hovering around 3%, which is great for buyers. I can refer you to great lenders. If you want to sell your home or if you have any other questions, don’t hesitate to give me a call. I’d love to hear from you and help in any way I can.