June 8, 2021: Chicagoland Real Estate Update

June 7, 2021: We saw the median sales price hit a new high of $310,000, which is good news for buyers and sellers because it continues to show our market is active.  We have even more to share about our local market and are happy to talk with you about your goals. Questions? Call us…we have answers!

Don’t forget to download our app where you’ll find a Guide about the Home Selling process so when you’re ready, we can get you moving in the right direction.

According to the National Association of Realtors, the housing supply continues to fall short of demand. This supply/demand combination has resulted in increased sales prices and a decrease in time on the market for most areas.

That’s good news for sellers and frustrating news for buyers. Many of our first-time homebuyers are being beaten to the table by those with large down-payments, all-cash offers, or other favorable terms.

Still, our team works hard for our buyer clients so they can get into a great home and take advantage of continued historically low interest rates. We are proactive and constantly aware of what’s going on in our market so you can win!

For our sellers, the ball is in your court! We often receive multiple offers, especially at the most popular price points.

There are three things we advise our sellers when receiving more than one offer:

Compare apples to apples. Jot down the primary points of each offer to see the merits of each one. A spreadsheet works well for this process.

Contingencies. Some buyers make no contingencies; others do. Understand what they are and how they might affect the closing of the transaction.

Payment method. Cash is king because the buyer controls how quickly the money is available and can waive inspections or appraisals. However, that doesn’t mean a loan is bad. Some lenders are better than others, and a local lender may make the whole process easier. Our team works with all types of contingencies and will advise you about what to be aware of.

How long will this current real estate cycle last? We don’t have a crystal ball; however, we closely watch statistics and trends. For now, limited supply and low interest rates continue to drive the market.

To find out what this means for you, call us at 708-629-5151. We can help you decide if now is the best time for your buy or sell.

10721 Landing Drive, Orland Park, IL
You’re the first to know! This 4 bedroom, 3.5 bath, 2-story home with a partially finished basement will be ready soon. If you would like more information, please call use! 
$465,000

2035 Collett Lane, Flossmoor, IL
Sneak Peek! 4 bed, 2 bath updated split (quad) with sub in Flossmoor Park. Remodeled in 2016. Excellent updated condition. 2,800 of finished sq/ft. Hardwood. Upgraded kitchen and baths.
$299,000

755 N. Evanslawn Avenue, Aurora, IL
Great location known for its parks (Rob Roy Park) and great schools. Multiple offers have been received, if you’re interested please call us today.
$225,000

10049 S. Seeley Ave., Chicago, IL
This Beverly Hills Subdivision home will not disappoint! 
$925,000

233 E. 13th Street, Chicago, IL
Museum Park Condo with amazing rooftop views of the city
$310,000

2541 Division Street, Unit 5,  Joliet,  IL
 Over $50,000 in updates to this commercial space right by I-55!
$165,000

The Wexler Group have over 5000 Buyers in our database and we may already have a Buyer for YOUR home. Our list of interested Buyers grows every week thanks to our effective buyer and referral systems.