How is the Market?

People always ask... and the correct answer depends on which market you are discussing. The $1M market is very different than $500K and the shift to $1.5M+ varies greatly depending on the community.?Inventory, new construction and buyer expectations drive home values.?Multiple offers are prevalent in certain markets, and non-existent in others. Appraisals are key: unless the deal is cash, the loan will not fund without concessions on either side of the transaction.

So, how is the current market? In the midst of a pandemic and lots of snow:?real estate has seen an amazing year. However, residential sales in Illinois are down* slightly this first week of December, as expected during the holiday season; still, ahead of last years numbers at every level.?Vacation homes are up. Stocks are up and the yield curve is widening.?Interest rates are still historically low. Unemployment reports come out next week and also affect the market. Statistics are what they are and love a good analysis of what the numbers truly mean.

The bottom line... the market is always changing and yet, the concept remains the same.?In order to capitalize on any investment: adapt.? If you want to sell: price it right. If you want to buy: make a reasonable offer. Most important, work with a broker who knows the market, one who can adapt and facilitate the best deal to meet your objectives and bring it to close!

*MRED Dec 1, 2020 - contracts dropped 27% week over week & listings down 41%. Berkshire Hathaway has consistently outperformed the market, providing superior service to its clientele during these critical times.