Secure websites — indicated by "https" rather than "http" at the beginning of a URL — encrypt data such as payment information.
Do not submit personal or financial data to unsecured sites. Web browsers also help shoppers notice when a site is, or isn't, secure.
Look for a closed lock, often in green, in the address bar. An open lock and red background indicate the site isn't using the secure protocol to send and receive data (though hackers have also been known to fake this icon).
Today’s home sellers want to work with real estate agents that use both drone aerial photography and videos to market their homes.
The real estate agent that generates the most listings sells the most homes.
1. Homes with aerial images sold 68% faster than homes with standard images
2. 73% of homeowners say they want to work with a real estate agent that uses video to market homes
3. 83% of home sellers prefer to work with an agent that uses drones
4. High-volume real estate agents use drones 3.5 times more than low-volume real estate agents
5. Drones speed up the sales process for commercial and residential properties
Here's an Update of the Local Real Estate Market Conditions
The Market is still hot! Not quite as hot as a couple months ago, but still quite active.
Most Homes are selling within days.
Homes are getting many viewings and sellers are usually getting offers over list price.
Remember, "List Price," is what the comparables (similar homes that sold) show.
Buyers who qualify for over the homes List Price, are offering over list price to increase their chances of the sellers accepting their contract. We warn the sellers that the property sales price may not be acceptable to the appraiser. Most Sellers are willing to take the chance.
You may ask, why not just price the home $20,000 over what the comparables indicate?
If we did this, the number of showings would fall greatly. We have seen this in listings where the seller did just that. Showings were way down, the home sat longer on the market and the buyers noticed this. This actually created a situation where buyers were offering below List Price.
By pricing the home at market value, it creates a competition among buyers. This is what starts the bidding war!
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Seller or Buyer Market? It's pretty obvious it is a Sellers market. The National Association of Realtors uses an absorption index number to determine the strength of a particular Sellers market.
The index suggests: Sellers Market: 0-4.9. Neutral Market: 5.0-6.9.
Buyers Market: 7.0+ .
Here are the current absorption index numbers for various local towns:
Lansing: 0.6. Lynwood: 2.5.
Munster: 1.1. Dyer: 0.7. Highland: 0.7. Schererville: 1.0. St. John: 1.2. Most other Indiana towns will have similar index numbers at this time.
Just like we thought, a Very Strong Sellers Market.
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How long will this continue? Most experts, including the National Association of Realtors see this lasting at least through next year. But these are predictions and no one can predict the future. If buyers get fed up with high prices, or if inflation and interest rates reduce the number of qualified buyers, the demand will lessen and prices will drop. If more homes come on the market without an increase of buyers, then supply rises and demand falls. Prices will fall. Nothing lasts forever!
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Current Illinois Statistics, Average Sale Price in 2020 and 2021:
South Holland 2020: $175,676. 2021: $194,973
Lynwood 2020: $212,321. 2021: $283,792.
Lansing 2020: $156,471. 2021: $186,750.
Current Indiana Prices per Sq Ft:
Munster 2020: $127.81. 2021: $147.85.
Highland 2020: $122.48. 2021: $138.52.
Schererville 2020: $129.95. 2021: $142.44
Dyer 2020: $132.62. 2021: $148.05.
St. John 2020: $143.98. 2021: $162.38.
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Is it Cheaper to buy a Home in Illinois with higher taxes or Indiana with lower taxes? Check out the video. Click the Link:
Ill or In? (Click the link, choose the youtube video)
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A Satirical look at the Current Real Estate Market.
5 Stages of Homeownership: https://youtu.be/bWPziypZmrE
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Question: This Real estate market seems too good to be true. What can you tell us about it? We are thinking about selling our Home.
Answer: It depends on what “too good” means. It is an excellent sellers’ market. So, if you are selling, you will reap bigger rewards, but not without a few obstacles. Homes for sale are getting a lot of viewings. This is due to the high demand and low inventory. Homes are selling above list price as buyers compete for the same home. Once you accept your over list price, the appraiser must review it and basically approve the price. Appraisals are not an exact science so you have a chance that your home will have an acceptable appraisal if you’ve spent money updating your home. An acceptable appraisal also depends on how much over list price your home sold for.
Here is the newest problem we are seeing: The buyers’ contract, whose offer is considerably higher than the asking price, gets accepted. There is a day of jubilation and excitement, followed by: "Our monthly payment is now higher, and we've just overpaid for a home." The buyers decide that they don't want the home, but they already have a signed contract. Buyer eventually gets out of the contract using one of their contingencies and the earnest money deposit must be returned. This is not the norm, but we are seeing it happen.
In many cases, as a seller, you are going to buy another home after you sell your current home. You are now on the other side of the fence as a buyer. It is now possible that you will be the one paying top dollar for your next home amidst heavy competition for Homes. You can always buy new construction, but you will be paying top dollar for that too, but with a little more certainty that you will find a home.
As a buyer, don’t buy whatever house you can get right now because you’re worried prices will continue to rise. It’s not worth putting your financial future at risk by getting a property at the upper limit of what you can afford. If last year taught us anything, it’s the value of being prepared for the unexpected. Whether or not you decide to make a home purchase now or years from now, it needs to make sense for you.
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As most of you know, we are now with McColly Real Estate. Our office is centrally located in Schererville near the post office and Home Depot. McColly is a local Real Estate Powerhouse and the Number 1 company in every county of Indiana with offices all over Illinois and Indiana.
We are Local. We are Global!
Thinking of Selling? Put our Experience to Work for you!
Our fees are lower because homes are selling faster and our Experience will get you top dollar for your Home!
Cathy Higgins: 708-828-3304. Cathyhiggins@McColly.com
Jim Higgins: 219-577-5905. Jimhiggins11@comcast.net
