I am seeing many high end homes in my main working area of Evanston IL, they are million plus. You are driving around with your clients and seeing yard signs all over but the properties are way more than they can afford. The inventory of 3 to 5 bedroom homes in our middle of the road range of price is unavailable.
A few years ago I would simply set up a search and have my buyer pick out their choices and after looking to their satisfaction a deal would be written and accepted if reasonable. I am having trouble achieving that these days for the people who want areas where there are schools they want their children to attend. In the Evanston area I am talking about $400,000 to $700,000 for a nice, move in ready home. Is this happening to you?
What are we to expect in the future?
The talk of higher Mortgage rates makes this seem even more scary as the Spring 2015 season starts. I would like to hear if anyone else has similar troubles and are you ending up with buyer satisfaction.
Noah Seidenberg can be reached at Chicagoland & North Shore Real Estate.