Finally, we’re beginning to see some beautiful new inventory in the Northwest Suburbs. And, as always, the nicest homes are getting snatched up quickly.
I’ve been in several dual offers this year already. Properties have been priced extraordinarily well and interest rates are low, so smart buyers aren’t stalling. If you see something nice, you have to act right away.
But, if you make an offer and you don’t get the property you want, don’t despair. We’ll be seeing new listings until the end of March or April. After that, I think we’ll have a lull in new inventory for the summer months.
Even though we’re in a recession, the $8000 tax credit and low interest rates are creating a kind of mini-boom for the first time home buyer market. We’re not seeing the same activity in move-up properties ($400,000 and up), but if entry-level homes continue to sell, the move-up sector may also begin to move.
