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Naperville
Tuesday, October 4, 2022

Real Estate Logic – This Market is Bananas

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If you have been paying attention to the real estate market this spring you have noticed that we have a major shortage of inventory and with historically low interest rates, it has been a very strong “sellers” market. As a full time Realtor in Naperville since 1982, the closest I remember to this market was 1986 when we had healed from the 1981 recession, Naperville was exploding with new construction, and like today, the inventory was low and demand was high.

After living in our family home since 1988 where we raised our two children, Pam and I recently decided that it was time to step down to the turnkey lifestyle of a condominium and let a young, growing family, benefit from our large home and near-school location. After preparing our home for market, I put a sign in our front yard and we were off to the races! Within less than 14 hours, we had 27 showings and received 11 offers! All but one were over list and one was even $100,000 over list!

BE PREPARED AND KEEP YOUR COOL – Though the seller has the upper hand, this market can get the better you if you haven’t prepared both your home and mind. Have your home in tiptop condition, then relax and plan to be away during all showings. Let your Realtor be your liaison and take the brunt of the stress, why you hired them!

DON’T GET GREEDY AND PAY ATTENTION TO THE FACTS – Regardless if you find yourself in a multiple offer situation, make sure that you have the current market statistics at hand before making a decision. Though the appraiser will review the sold comparisons going back six months, your Realtor can show you the current stats that will help you make an informed decision.

THE HIGHEST OFFER IS NOT ALWAYS THE BEST – In an outlandish bidding war, it would have been very easy for Pam and me to get mesmerized by the highest offer that we received, but ultimately we settled for substantially less, for good reason. The offer we accepted had no mortgage contingency and let us choose the closing date. We still sold beyond our expectations, but the contract we ultimately selected was certainly the BEST for us, no strings attached!

ADVICE: Separate and insulate yourself from the market frenzy, hire a professional. A good Realtor® is worth their weight in gold.

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Gary Leavenworth
Gary Leavenworthhttp://www.garyleavenworth.com/
Gary Leavenworth is a broker at Coldwell Banker in Naperville specializing in residential real estate. Contact him at gary@garyleavenworth.com.

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