Today’s Housing Inventory Is a Sweet Spot for Sellers

One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels.

According to a recent report from Realtor.com: 

 “On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”

The graph below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (see graph below):

It’s worth noting that 2020-2022 are not included in this graph. That’s because they were truly abnormal years for the housing market. To make the comparison fair, those have been omitted so they don’t distort the data.

When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm.

What Does This Mean for You? 

If you’re thinking about selling your house, that low inventory is why this is a great time to do so. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latest Confidence Index from the National Association of Realtors (NAR):

• The percent of homes that sold in less than a month ticked up slightly to 74%. 
• The median days on market went down to 18 days, showing homes are still selling fast when priced right. 
• The average number of offers on recently sold homes went up to 3.3 offers.

Bottom Line

When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about selling, now’s the time to make a move. Let’s connect to get the process started.

Burr Ridge, a charming town in Il., is experiencing a surge in its real estate market. With its appealing neighborhoods, top-rated schools, and convenient proximity to Chicago, Burr Ridge has become a sought-after destination for homebuyers. In this blog post, we will explore the current state of the Burr Ridge real estate market, highlighting key statistics that indicate its robust growth and high demand.

• Average Price of Homes: The average price of homes in Burr Ridge has reached an impressive $715,000, showcasing the town's upscale living and desirability. Whether you're looking for luxurious estates or cozy family homes, Burr Ridge offers a diverse range of properties to suit various lifestyles and preferences.
• Average Market Time: The average market time in Burr Ridge has decreased by a remarkable 47.3%, now standing at just 58 days. This swift pace of sales is indicative of the high demand for homes in the area. Sellers can expect a quick turnaround on their listings, making it an opportune time to capitalize on the thriving market.
• Number of Homes for Sale: Currently, Burr Ridge has 49 homes available for sale, representing a 32.9% decrease in inventory. This limited supply indicates a tight market and heightened competition among buyers. If you're considering selling your home in Burr Ridge, the reduced competition could work in your favor.
• Monthly Supply of Homes: The monthly supply of homes in Burr Ridge has seen a significant decline of 16.1%. This statistic highlights the strong demand for housing in the area, as the supply struggles to keep up. Buyers must act swiftly to secure their dream homes, further intensifying the competitive nature of the market. For sellers, this decrease indicates a seller's market, offering potential opportunities to negotiate favorable terms.

Conclusion: Burr Ridge's real estate market is witnessing a surge in demand, driven by its picturesque setting, thriving community, and exceptional housing options. With an average home price of $715,000, a reduced market time of 58 days, a 32.9% decrease in available homes, and a 16.1% decline in the monthly supply, the town presents a promising landscape for both buyers and sellers. As Burr Ridge continues to attract attention and flourish, it's an ideal time to explore the real estate opportunities in this vibrant community.

Evaluating Your Wants and Needs as a Homebuyer Matters More Today

When it comes to buying a home, especially with today’s affordability challenges, you’ll want to be strategic. Mortgage rates impact how much it costs to borrow money for your home loan. And, to help offset the higher borrowing costs today, some homebuyers are taking a close look at their wish list and re-evaluating what features they really need in their next home to avoid overextending. As a recent NerdWallet article says:

“A pool, for example, may be nice to have, but it may not provide as much day-to-day value as a garage or a space for a home office . . .”

While that pool may be appealing, think twice on whether or not it’s really something you must have to be happy in your next home. Is getting that pool the main reason you’re moving? Probably not. It’s more likely a need for more space, a home office, or proximity to loved ones, friends, or work that’s motivating you to make a change.

So, if you’re looking to buy a home, take some time to consider what’s truly essential for you in your next house. Make a list of all the features you’ll want to see, and from there, work to break those features into categories. Here’s a great way to organize your list:

• Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).
• Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of these, it’s a contender (examples: a second home office, a garage, etc.).
• Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: a pool, multiple walk-in closets, etc.).

Once you’ve categorized it in a way that works for you, discuss your top priorities with your real estate agent. Remember to think carefully about what’s a non-negotiable for your lifestyle and what’s a nice-to-have that’s more of an added bonus. Be sure to discuss where each feature falls with your agent. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your top needs.

Bottom Line

Putting together your list of necessary features for your next home might seem like a small task, but it’s a crucial planning step on your homebuying journey today. If you’re ready to find a home that fits your needs, let’s connect.

Where Will You Go If You Sell? Newly Built Homes Might Be the Answer.

Do you want to sell your house, but hesitate because you’re worried you won’t be able to find your next home in today’s market? You're not alone, but there’s some good news that may ease your worries. New home construction is up and is becoming an increasingly significant part of the housing inventory.

That means when you go to put your house on the market this summer, considering newly built homes is crucial for expanding the options you’ll have for your next move.

Near-Record Percentage of New Home Inventory

Newly built homes today make up a near-record percentage of the total number of homes available for sale (see graph below):

In fact, as the data shows, newly built homes now make up 31% of the total for-sale inventory. Over the past couple of decades, newly built homes made up an average of only around 13% of total housing inventory from 1983 to 2019.

That means the percentage of the total available homes that are newly built is over two times higher than the norm.

Why This Matters to You 

Overall, the supply of homes for sale is still low. And when there’s limited supply, it’s crucial to explore all of your available choices. New-home construction has emerged as a game changer with increasing inventory. Not to mention, recent data shows it’s gaining even more momentum as more newly built homes are underway and will be coming to the market in the months ahead.

Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), highlights the importance of newly built homes for those looking to buy in today’s housing market. Dietz states:

"With limited available housing inventory, new construction will continue to be a significant part of prospective buyers' search in the quarters ahead."

Don’t overlook this growing market segment and risk missing out on great opportunities to find your ideal home. Since new home construction accounts for roughly 31% of total for sale inventory, you could be cutting nearly one in three options from your search if you don’t consider newly built homes. 

If you’re looking to make a move, a local real estate agent can help you sell your current house and explore newly built options in your area. They have the expertise you need to handle both sides of the process so you can move out of your current house and into your brand-new dream home.

Bottom Line

Now’s the time to sell your house and take advantage of the momentum that’s building in new home construction. Let’s connect so you have a guide throughout the selling and buying process. Together, we can make your transition to a newly built home a reality.

Nestled in the heart of DuPage County, Clarendon Hills, Illinois offers a charming community with a thriving real estate market. Whether you're a prospective buyer, seller, or simply curious about local property trends, this blog post will provide you with an overview of the current state of the Clarendon Hills real estate market.

Average Home Prices and Market Time:

As of the latest data, the average home price in Clarendon Hills stands at an attractive $553,500. This figure indicates the value and desirability of the town's real estate offerings, reflecting the area's appeal to homeowners seeking a comfortable suburban lifestyle with easy access to urban amenities.

Furthermore, Clarendon Hills boasts a relatively quick market time, with homes typically spending an average of 51 days on the market. Although this figure represents a 30.8% increase in market time compared to the previous period, it remains relatively low, indicating a continued demand for homes in the area.

Reduced Inventory:

One notable trend in the Clarendon Hills real estate market is a decline in the number of homes available for sale. Currently, the inventory is down by 20.6%, suggesting a limited supply of properties on the market. This reduced inventory has likely contributed to the overall demand and competition among buyers, as potential homeowners vie for the available homes in this sought-after community.

Connect with Mark Sotir for More Insights:

For a comprehensive understanding of the Clarendon Hills real estate market and personalized assistance, you can reach out to me at Realty Executives Midwest. With his extensive knowledge and experience in the local market, I can provide you with valuable insights, up-to-date statistics, and guidance tailored to your specific needs.

To get in touch with me, you can reach me at 630-815-8098 or via email at marksotir@realtyexecutives.com. 

If you're considering buying or selling a property in Clarendon Hills or simply want to stay informed about the latest real estate trends, Mark Sotir from Realty Executives Midwest is your go-to expert. Reach out to Mark to receive personalized advice and gain a deeper understanding of the local market conditions.

With its attractive homes, community amenities, and proximity to the city, Clarendon Hills continues to be a desirable location for those seeking a comfortable suburban lifestyle.

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Nestled in the heart of DuPage County, Clarendon Hills, Illinois offers a charming community with a thriving real estate market. Whether you're a prospective buyer, seller, or simply curious about local property trends, this blog post will provide you with an overview of the current state of the Clarendon Hills real estate market.

Average Home Prices and Market Time:

As of the latest data, the average home price in Clarendon Hills stands at an attractive $553,500. This figure indicates the value and desirability of the town's real estate offerings, reflecting the area's appeal to homeowners seeking a comfortable suburban lifestyle with easy access to urban amenities.

Furthermore, Clarendon Hills boasts a relatively quick market time, with homes typically spending an average of 51 days on the market. Although this figure represents a 30.8% increase in market time compared to the previous period, it remains relatively low, indicating a continued demand for homes in the area.

Reduced Inventory:

One notable trend in the Clarendon Hills real estate market is a decline in the number of homes available for sale. Currently, the inventory is down by 20.6%, suggesting a limited supply of properties on the market. This reduced inventory has likely contributed to the overall demand and competition among buyers, as potential homeowners vie for the available homes in this sought-after community.

Connect with Mark Sotir for More Insights:

For a comprehensive understanding of the Clarendon Hills real estate market and personalized assistance, you can reach out to me at Realty Executives Midwest. With his extensive knowledge and experience in the local market, I can provide you with valuable insights, up-to-date statistics, and guidance tailored to your specific needs.

To get in touch with me, you can reach me at 630-815-8098 or via email at marksotir@realtyexecutives.com. 

If you're considering buying or selling a property in Clarendon Hills or simply want to stay informed about the latest real estate trends, Mark Sotir from Realty Executives Midwest is your go-to expert. Reach out to Mark to receive personalized advice and gain a deeper understanding of the local market conditions.

With its attractive homes, community amenities, and proximity to the city, Clarendon Hills continues to be a desirable location for those seeking a comfortable suburban lifestyle.