Buying a home? Should you wait or buy now?

If you’re thinking of buying, you might be wondering if it is a good time to buy…or if you should wait.

Whether buying or selling, it is best to not try to “time the market.” So what does that mean? Does buying now work for you? Or, does waiting make more sense? Buyers and sellers who try to wait “for a right time” usually regret it. Do what works best for you.

If you plan on taking out a mortgage, keep in mind even though mortgage rates went up, they are still low. Rates in the 2s, 3s and 4s, although nice for buyers taking out a mortgage, were also abnormally low rates. Those rates (combined with a lot of buyers’ home needs changing) led to a very, very competitive market for buyers.

Historically, this is where mortgage rates were:

There is no national real estate market. Real estate is hyper-local. What is happening in other parts of Illinois, the midwest or the west or east coast, does not always mirror what is happening in our local Chicago suburban markets.

As of the time of this writing (early March 2023) this is what we are seeing in the local markets so far this year:

• A lot of buyer activity on our listings that have been selling in multiple offers with very competitive terms. Who you work with makes a difference! There are a lot of new Agents now who haven’t worked in other market conditions and who might not even understand the contract. We had that happen - buyers’ Agents not sure how to make an offer competitive or what terms are on contracts now. That is not good. Our multiple offer winning percentage for buyers is industry-leading. A lot goes into making an offer strong. Being in the local real estate market as long as we have also means we have a huge network. Many Agents know us and know our integrity, professionalism, communication and how we work well with others. Additionally, we are backed by a leading brokerage with a lot of offerings for clients.

• A lot of buyers showings and buyers entering the market earlier this year than in other years. Our market in the Chicago suburbs does have some seasonality to it. A lot of people wait until April, May, June to both buy and sell. If you are a buyer and you're choosing to wait then because you want a home shop when the weather is nicer or your lease is up, etc., you should be prepared to have more competition. There is still a shortage of inventory so local inventory isn’t meeting the demand… meaning there may be just a slight increase in homes available, but a lot more buyers competing with you on a property most likely.

  For more information on the market(s) where you are looking, let’s chat. (708)480-2011.
  By knowing the market(s), property type, price range and more, I can narrow in on that specific market and what we are seeing. Even the Chicago suburbs is not a specific enough market. There are even markets within markets - that can vary by a zip code.

  Kristine Glockler is a proactive, professional REALTOR with the award-winning team The Glockler Group, a Chicago suburban team created before there were teams. #ExperienceIsKey

  (708) 480-2011

  Coldwell Banker Realty.