Mainstreet REALTORS® Local Market Pulse
We asked Mainstreet REALTORS® for their honest answers to consumers’ most pressing questions about residential real estate today. Here’s what they shared.
How quickly are homes selling in suburban markets compared to last year? Are multiple offers still common?
REALTORS® responded:
"If a property is priced correctly for its condition/location, we are seeing the number of showing appointments at a higher rate. This in turn lends itself to quicker offers and also to the potential of multiple offers … In our area, we aren't yet to a balanced market with an equalized absorption rate, so it is still a seller's market. Time will tell if in the spring we have an increase in listings, and whether or not the multiple offers will continue." –
Linda Dressler, RE/MAX Suburban
"It depends on the property. I see many properties sitting longer before going under contract. Those are usually properties that are not in great condition and are overpriced for the market. Properties that are in good condition in a desirable location, and priced appropriately for the market will sell quickly and many times will have multiple offers." –
Jane Haynes, Baird & Warner
"Yes and no. Recently listed homes that are move-in ready and updated seem to go under contract faster than homes that need work." –
Lenetta DeLacy-Johnson, Suite 527 Realty Group
"Some homes are selling quickly, and there are some that hit the market and are in multiple offer situations. However, there are not as many in multiple offer situations as there have been in the past." –
Stacy Beeson, Coldwell Banker Real Estate Group - Shorewood
Are you seeing more new listings hit the market as homeowners capitalize on high equity? Or are sellers still reluctant to list?
REALTORS® responded:
"I am seeing more of the older generation of sellers willing to put their houses on the market to be able to take that extra cash and equity to downsize." –
Cynthia Figueroa, Managing Broker, Coldwell Banker Real Estate Group
"Those that want to/need to sell are listing their homes regardless of mortgage rates, but many sellers are still reluctant to take 'the plunge' if they are holding a note with a lower rate. If they are buying, they might list because they can recuperate a gain on their property and purchase before there is potential for the home they are interested in to go up in price. At least at this moment, they know the variables vs. the unknown of home cost and mortgage rates later." – Linda Dressler, RE/MAX Suburban
"I do not think there has been a large influx of listings coming on the market due to equity. Most of the listings that I am involved in are selling for the other typical reasons homeowners sell - they need a larger home, they are down-sizing, they are relocating, retiring or have had some other change in their life that necessitates a move." –
Jane Haynes, Baird & Warner
"It seems as though the homeowners with the low 3% range interest rates are still holding on to their homes. When the rate drops a bit, there might be some that jump on selling. But for the most part, those rate holders are hanging on to their property."
– Stacy Beeson, Coldwell Banker Real Estate Group - Shorewood
From your perspective, what’s the biggest risk to the suburban market this year?
REALTORS® responded:
"The biggest risk in the suburban market this year is affordability." –
Cynthia Figueroa, Managing Broker, Coldwell Banker Real Estate Group
"Affordability - the average home buyer age has risen to 62 nationally, perhaps because they can use equity already built into homes that they have owned. Competition and condition can make it difficult for the younger demographic as many want the home to be completely remodeled/updated and at a price that they can afford. This combination is not easy to find, so when it is, there are many parties vying for the same property."
– Linda Dressler, RE/MAX Suburban
"Still inventory - QUALITY inventory." – Jane Haynes, Baird & Warner
"I am seeing home prices increase." – Lenetta DeLacy-Johnson, Suite 527 Realty Group
"Affordability is a risk. People know that prices won't go down, so they feel like they have to do something now before prices go up even more. So, they may have themselves in a tougher spot." –
Stacy Beeson, Coldwell Banker Real Estate Group - Shorewood
