Like 🧼 Lysol and 🧻 Toilet Paper, 🏡 Homes are in short supply!
📊 Inventory and interest rates are down
🏦 Mortgage applications are up
💵 Making NOW the ideal time to sell
👀 See my video for current inventory levels in Willowbrook, Burr Ridge, Brookfield, La Grange Park, & Downers Grove
You know what homes and Lysol have in common right now? You can’t find either one. But for those who have them and are looking to sell, these are very good times indeed. I’m Eric with Eric Andersen Homes, and the same goes for manufacturers of toilet paper. If you’ll pardon the pun, Charmin has come out of this smelling like a rose.
Turning to real estate, the current market has presented a significant opportunity to sellers. Inventory dropped during the recent health crisis, and sellers can benefit from the lack of competition. There were a number difficult-to-sell listings on the market before the pandemic hit, but as soon as COVID came along and the supply dried up, many of those listings sold very quickly and above market value. It’s basic supply and demand. If you have the ability to sell now, this is a great opportunity to maximize profit.
A recent summary of pending sales by the National Association of Realtors showed that new contracts dropped by almost 22% from March to April, and they’re down by almost 34% from this time last year. The big culprit here is low supply. The demand is definitely still there, which you can clearly see by the number of new mortgage applications that are coming through, which are up by 18% from this time last year. The strong pent-up demand, coupled with the low inventory and amazing interest rates, makes now an ideal time to sell.
Turning to the local Chicagoland market, new listings in Brookfield are down 16% from this time last year. La Grange Park is a little more stable, but new listings are still down by almost 7%. New listings in Burr Ridge are down by 11%, Willowbrook inventory has actually increased by 3%, and Downers Grove is down by about 8%. All of this is to say, local trends have mostly followed the national pattern.
Call, text, or email me if you’re interested in knowing your home’s value, and I’d be happy to discuss some of the benefits I provide my clients, including 24/7 virtual open houses and property video. The idea here is to to leverage technology to get your home in front of as many buyers as possible during this new era of social distancing. I’m Eric with Eric Andersen Homes, your Chicagoland real estate expert.