The current environment may seem like a haven for home buyers looking to find their dream home. Rates are low. High inventory. Low demand.
So why is the market still struggling national?
2.19 million homes were listed at the end of September. Down 20% from a year earlier, and the lowest level since 2007 since the data was starting to be tracked (Realtor.com).
What we have is an odd mix of available homes on the market. For many buyers, finding their dream home is tantamount to finding the needle in the haystack. In Chicago, the week of Oct 3-9 distressed sales accounted for approximately one third of single family sales, and a quarter of condo / townhome sales.
Many are pulling or waiting out the current market instead of selling at today’s discounted prices, but the wait could be years. So what buyers are facing is the absence of attractive, well-priced homes in today’s market.
For those sellers looking to, or currently on the market, it could be the best time to leverage your position on the marketplace if you don’t want to wait out the market for the next few years.