Most consumers are aware that interest rates remain high in comparison to where rates were over the past twenty years. Many who watch the real estate market are also aware that many local real estate markets are reporting low inventory.
Given these two factors, the big question is whether or not this is considered a buyers’ market or a sellers’ market. Some would argue, it’s “…a nobody’s market because things aren’t necessarily great on either side of things…”, as stated in a recent article by Kevin Bassler of Illinoi Radio Network.
As reported in this article in AdvantageNews.com, sellers are reporting lowering asking prices to attract budget minded buyers. Despite the lowered prices, some areas are seeing a shortage of homes for sale because sellers are hesitant to sell and give up their low interest rate. Experts indicate that the real estate market in Illinois has seen a drop in home sales when comparing October 2022 to October 23 of over an 8% decrease, with the median price showing growth of about 7% for that period of time.
What many sellers can agree on is the benefits of using a real estate agent to sell their home. Those who sold by owners were reportedly less satisfied with the experience and saw an average profit of over $45,000 more than sellers that hired an agent.
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