Local Market Update & Predictions for 2022

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Are you wondering if we are headed for another unusual real estate market season this Spring? Well, we’re here to share with you our insights and predictions.

What we are seeing so far in the market is that buyers are already back out and looking for homes. Listings even in the private network, homes that WILL BE going on the market but aren’t in the public MLS yet, are getting quite a bit of attention and showing requests.

Why is this important? It’s showing us that just a few weeks into 2022, the market is ramping up.
Even over the Christmas and New Year’s holidays, homes were still getting showing requests. Now, that isn’t totally uncommon - buyers who are in a position to need to move even in the winter months are going to keep looking anytime something that might fit their needs comes on the market. What is unusual about this, is that our private and public listings have all been available for quite some time, and yet they’re still gaining attention.

In fact, one of our public listings had been sitting - overpriced - for months with very sporadic showings. Until about a month ago. Just a couple of weeks ago we had an open house with 7 groups of visitors and then the following week at the open house, there were 10 groups of visitors! That was unheard of before, and we’d generally have 1-2 visitors per open house despite frequently hosting them.

Homes that were considered overpriced during the latter part of 2021 are now seeing renewed interest - even without going into the public market. Agents are searching for homes for their buyer clients and the inventory, well, it’s slim pickins out there, my friends.

What’s our take on all of this? Our prediction is that a similar “bubble” as what happened in the Spring of 2021 is about to hit the local North Shore marketplace. While in ‘21 it was from March until June, signs are pointing to a booming start right out of the gate here in January.
What’s different about it this year? Prices are not likely to balloon and homes are probably not going to sell way above asking price in multiple offer bidding wars like they did last year.
Buyers “got smart” and made other plans. This go-round, they’re not going to overpay. They’ve wisely arranged things so that they are not pressured to make a move and do not have to kowtow to the demands of sellers who want top dollar for their homes without giving any concessions in return.

We think that a pre-Super Bowl rush is going to take place with buyers vying for the limited homes available, and this likely will continue into later in the Spring.

What does that mean if you are looking to sell your home? If you are considering selling in the Spring market, or really, anytime this year, now is the time to talk to a real estate professional about the steps you need to take to get your home ready for sale. We would be happy to talk to you about your needs and help you learn more about the local real estate market.

The Spaniak Team - eXp Realty is one of the top real estate agents in the Chicagoland area. The Spaniak Team specializes in residential homes on the North Shore of Chicago and specifically Northbrook. They can be reached at (847) 318-3431, at [email protected], or on the web at www.SpaniakTeam.com

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