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Does one of your New Year’s resolutions include selling your home or buying your dream home? 2023 may be the perfect chance to unlock your home goals to make it happen!
Here are two reasons why:
1. Supply is still lacking! Currently in Kankakee County there are only 150 properties available in the MLS (as of January 1) that are not under contract! What does that mean for you? Lower supply almost always produces a higher sale price.
2. Mortgage interest rates remain steady at about 6.5% for a 30 year fixed rate. There are many eligible buyers wanting nice homes. As you know the Federal Reserve increased basis points a few times in the last 5 months, what you may not know is that many times the rates increased before the Federal Reserve announcement and then actually decreased interest rates after the announcement of the increased basis points. I have read that many buyers on the coastal markets are getting adjustable rates now to then refinance at a later date. Locally I have seen some specials where buyers are able to refinance with reduced fees if rates go lower. Most lenders will keep their buyers informed if the rates drop so buyers will be able to use the opportunity to refinance.
Home prices are likely to level out soon as sales prices level out..
What does this mean for you?
If you're looking to sell, it means the time to act is now and if you're a buyer. We are not seeing as many multiple offers. Sellers who do not have an offer withing the first couple of weeks often are making a price adjustment.
If any of this information piques your interest and you would like to learn the value of your home in today's market then click here to sign up for a FREE market analysis.
If you are ready to get your real estate process rolling while this opportunity is here for you, give me a call or text me at 815-922-6924. Let's get it done!