KM Realty Group LLC Chicago

One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove home prices up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way. But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined considerably over the past few months (see graph below): The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that the average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and sl...

One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture. Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today. Appreciation is when home prices increase. Depreciation is when home prices decrease. Deceleration is when home prices continue to appreciate but at a slower or more moderate pace. Click here to read the latest blog!

Pricing your house based on current market conditions means it's more likely to sell quickly. Let's connect so you can have the best advice when you sell today.