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Lake County residents: You may have heard a lot of noise surrounding the real estate market lately. Sales are down and interest rates are high, making it less affordable for people to buy homes. These are true, but with these statements comes a connotation that prices have slipped or that homes are not selling, which couldn’t be further from the truth.
Sales are down, but homes are still selling quickly
You’d think that with the number of homes selling being so low that it would mean that homes aren’t selling. Actually, the reason sales are down is because people aren’t selling. In turn, basic economic principals will tell you that when the supply of a good decreases, and demand stays the same, prices will increase and the good will often sell quicker. Don’t fall for the hype, follow the facts.
Home prices are not falling despite high interest rates
High interest rates have made it so homebuyers will have to pay substantially more with their monthly mortgage payments than they previously would have. This has forced many people to hold off on buying. Therefore, demand has declined. So if that’s the case, shouldn’t home prices fall with demand? No, because as previously discussed people aren’t selling either. The supply of homes has actually decreased more than demand has. Consequently, prices have held and in some cases are still rising. This trend is expected to continue unless we can start seeing more homeowners sell.
Looking for an agent in the Lake County, Il are who has the inside scoop on the real estate market?
Hi, my name is Steven Johnson. I am a local real estate agent with Coldwell Banker Realty. I have years of experience and love to work with home buyers and sellers on accomplishing their goals. Get in touch with me today to get started with your next move (847) 525-6121.
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