If you’ve been wanting to sell your North Shore home, but
have been putting it off, you’re not alone. There is a lot of pent-up seller
demand! As your North Shore real estate agent, I am here to help you understand
why this spring season might be the ideal time for you to sell and accomplish
your real estate goals in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, and other North Shore communities.
In the latest Seller Traffic Index released by the National
Association of Realtors, home seller activity is weak nationwide, with only 11
states showing stable levels of seller traffic. The number of people that moved
last year was half of what it was in the 1980s.
The amount of time a homeowner remains in their house has
gotten longer as well. It used to be an average of six years from 1985 to 2008;
now it is up to 9.5 years.
The economic downturn of 2008 played a big part, when
homeowners found themselves in negative equity as home values dropped. Homeowners
have been waiting for equity levels to rise. Now that they have, and home
values are high, mortgage rates have also been increasing. Sellers have been
waiting for interest rates to decrease before buying another home.
The conditions are perfect to sell now! Mortgage rates for
30-year fixed rate mortgages are around their lowest levels since January 2018. For anyone who would like to buy
another home after they sell, or anyone buying for the first time, this is
great news.
Because of the positive market conditions, 69 percent of
people now believe that it’s a good time to sell a home, according to a NAR
report. That means that the North Shore real estate market could see a major
increase in listings soon!
North Shore homebuyers are ready. With lower interest rates,
increased wages and signs of a strong economy, buyers are eager to buy now,
before home prices increase more and interest rates increase again. If you list
your North Shore home now, before the influx of listings, you could have a fast
sale for a great price. If you wait, you might have a lot more competition from
other sellers.
If you’d like to move up to your dream home, now is also the
best time to sell, so you too can score a great interest rate while they remain low.
If you’d like to sell so you can downsize, retire or move
closer to work or family, why wait? Home values are at a great place right now,
and buyer demand is high. The sooner you sell, the sooner you could be settled
into your new home for summer.
If you’ve got questions about the home-selling process or
about market conditions on Chicago’s North Shore, I am here for you! As your
North Shore real estate agent, I can answer any questions you may have, and I
will guide you through the entire home-selling process. Give me a call today!
Janie BressYour North Shore Real Estate ExpertNorth Shore Real Estate
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Local Expert… with National Connections!