Trendy,Trendy: Arlington Heights Real Estate

Written by Holly Connors

Nothing to buy

As of this month, there are 202 available single-family homes on the market in Arlington Heights. This is representative of a month’s supply of inventory of less than four months supply where a balanced market is closer to seven months supply. This time last year, we saw MSI closer to 11. Rising home prices will often force more inventory on the market, but we still must wonder if the prices will rise enough to expand the base.

Cost of money 

According to Guaranteed Rate, one of the largest home loan companies in the US, mortgage rates moved higher last week. Freddie Mac reported last Thursday that the average 30-year fixed rate was 3.98 percent compared to 3.91 percent the week prior.  As the markets sort out what the Federal Reserve will do, buyers have been flocking to purchase and refinance before rates move greater than 5%.

Broken homes

Today’s buyer demands quality, however with today’s bidding wars and multiple offers, most home sellers are able to sell their home with faults that would otherwise need to be fixed.  With back up offers in hand, sellers are able to negotiate out of many credits or repairs that would typically need to be addressed using back up offers as a clutch. “Sellers have a very take it or leave it attitude.” Real Estate Attorney Ami Oseid said.  “I advise buyers to ask for what they really want in terms of inspection items. But they must keep in mind, there may be three buyers in line to purchase the property.”  

Hide and Seek

With demand is at an all time high and supply as a near all time low buyer and Realtors® alike are seeking new ways to find homes for sale. Less conventional ways like sending letters, knocking on doors and leaving notes for home owners are all ways buyers and sellers are being put together.

SOLD! To the buyer in the front row.

Bidding wars have become the norm. Multiple offers on new listings within 48 hours of being in the MLS is typical. Competing offers can be cash, strong down payments, larger earnest money deposits and attractive close dates. Of course those details are up to the seller and buyer and finalizing the contract.