We are experiencing more than just a summer heat wave, weather-wise. The pause in our seasonal spring real estate market has created pent-up demand. It’s not common to be in a market which has advantages for both sellers AND buyers. Don’t get me wrong, it’s predominately a seller’s market right now - especially if you are listing a beautiful home under $500,000 right now in many hot towns like Naperville, Wheaton, Downers Grove, Woodridge, etc. Housing inventory remains at historical lows and, since the pandemic began, has fallen EVEN lower. Real estate is a market driven by supply and demand. WIth extremely low supply and buyers reemerging into the marketplace, demand is high. “On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers),” according to a recent blog post by NAR (National Association of Realtors). As long as inventory remains low, home prices are likely to continue increasing. For buyers, this makes things extremely competitive. The first thing you should do is get yourself a trustworthy, experienced realtor like me to help navigate the current marketplace. The second thing to consider is that you can make up for paying appreciated prices with historically low mortgage interest rates, and lock in a lower monthly payment. Let’s take 2 examples:

1. Buying a home now...

2. Buying the same home in 3-5 years from now..

That’s a savings of $4424 each year or $22,120 in 5 years! Not to mention the tax benefits and equity-building opportunity.