Be Prepared for Competition on that Elmhurst Home
If you’re in the market for a home in Elmhurst, IL, listen up. The buyer’s market is on its way out, home prices are starting to rise, and you could well find yourself in a bidding war for the house you’ve chosen.
Bidding wars were common back in 2006. Back then the buyer’s market took hold and most Elmhurst home sellers had to settle for whatever they were offered, including low-ball bids. But real estate markets in many cities are reporting that bidding wars have begun to happen again.
There are several reasons for this change. According to the National Association of Realtors: Sales of existing and pending homes have risen more than 8 percent compared to this time last year, there are fewer homes for sale now than in the last six years, and the improving job market has helped create more potential homebuyers. Trulia Inc. reports that low mortgage rates and decreasing home values make buying a better option than renting in 98 out of the 100 largest metro areas.
It really comes back to the basic economic principle of supply and demand. As the supply of available homes decreases, larger numbers of buyers are interested in the same properties - and the competition is on!
An economist with Moody’s recently stated, “The decline in unsold listings and vacant homes and the increase in rents presage better times ahead for single-family housing.”
So if you’re seriously hunting for Elmhurst real estate, don’t wait too long to make a decision - and be ready to negotiate.
We have a proven track record of getting the best value for buyers and sellers. If you’re looking to buy or sell Elmhurst real estate or properties in the surrounding area, contact the Gracik Makinney Group, or call (630) 567-5902.