THE HYSTERIA CONTINUES

The inventory in Washington Park remains at historically low levels. This is creating hysteria in the form of multiple offers, buyers stalking sellers and calls from agents who overheard at the gym that a new listing is coming on the market. In the late 1990’s my previous record for first day showing numbers was 18. My new record is 36. That can create quite a traffic jam in some of your Wash Park houses. It is all good for the sellers as many are getting over their asking prices.

Maneuvering the waters is tough for buyers. I am thankful to have 30 years of experience that has helped us get our buyers in first position in the bidding wars. So, it is a fantastic time to sell and if you are patient, not a bad time to buy as the interest rates are still hanging around 3.5%. It the hysteria continues, it won’t take a buyer long to build equity.The combination of rising prices and the large amount of principal that buyers pay on their mortgage every month will give future sellers much more equity.