(The Center Square) – Illinois’ housing market may be in the midst of change.
According to research by real estate firm Clever, home sellers are lowering their asking prices to fit buyers’ budgets.
A survey of 1,000 people who sold their homes in 2022 and 2023 found that 45% of sellers rejected the highest offer, highlighting just how rapidly home prices are rising in some parts of the country. It shows whether it has fallen.
Researcher Matt Brannon said: “Some would call this a no-man’s market right now because the situation is not necessarily good on either side, but we seem to be moving towards a buyer’s market. I can see it,” he said.
Mortgage interest rates remain at 20-year highs and continue to influence market decision-making.
“We found that 51% of recent sellers said they were hesitant to sell because they didn’t want to give up low interest rates,” Brannon said.
The top three reasons people said they sold their home were because they wanted a bigger home (40%), it was a good time to sell (37%), and they wanted to move closer to friends and family (30%). %) was.
Clever’s research found that in 2022 and 2023, people who sold their homes to a real estate agent made an average profit of more than $46,000 more than those who sold without a real estate agent. Those who did not use a real estate agent were almost twice as likely to say they had used a real estate agent. I was not satisfied with my home selling experience.
The Illinois market is slowing, with home sales down more than 8.5% in October from a year ago. Broad median prices were up about 7% across the state in October compared to the same period last year.
Inventory remains an issue. Just over 21,000 homes were listed for sale in Illinois in October, according to Illinois Realtors. This compares to around 60,000 people in October 2019.