I remember two or three years ago working with some buyers that were making full price offers on properties and still losing out. I lost some of these frustrated buyers who decided to wait until the market slowed down.
That time is now here. Home sales are down from last year. In some areas there is double the inventory available. Although it doesn't seem to have affected prices yet, I am seeing a price reduction trend from current listings that have not sold, some having been listed for months.
This is bad news for sellers but if you're thinking of buying this might be the time to do it. Not only are we seeing a general downturn from the record years we had witnessed, but we are also seeing our normal seasonal slowdown. For sellers that need to sell as soon as possible, this might mean a nice price reduction for a buyer right now.
This is a great time for buyers planning to live in the purchased property or for investors. Short-term investing or flipping might not be as fortuitous as it was in the recent past. Today's investors should probably be focusing on long-term investing which usually means becoming a landlord.
I'm seeing less and less multiple offers on properties and many sellers are just waiting for an offer at all! Interest rates might be higher but they are still single digits which is great. For most of my own personal home ownership (and much of my real estate career, especially the beginning), double digit interest rates were the norm for many years.
It might not be in your best interest to wait for next year's Spring season to start shopping for a home. You might get a better price and better rates right now. Feel free to search the full active listings of the Northern Illinois MLS to see if there is a property you might be interested in. Then give me a call at 708-536-8200 to set up some appointments.