Exclusively Inverness Magazine - 0122
Now is the Time to Sell Your Home!
All of this is good news for the homeowners of Inverness who saw their home prices decline and then stagnate after the housing crash of 2007. Inverness lagged behind many other suburbs in the Chicagoland area when it came to rebounding home values. As Illinois also lagged behind the national averages of home price increases, it felt like Inverness was being left behind. Why was Inverness falling behind other communities? The answer was several reasons. Buyers preferences had changed. They were no longer interested in a sprawling community but instead were looking for a more city like style of living. Inverness is spread out with no central downtown area. A resident of Inverness could not walk to a restaurant or shops, which was an attractive feature of other communities. Also the large lots were seen as less desirable and more isolating. Many of the homes were larger than buyers thought they needed and more dated than they could accept. These reasons and more lead to the difficult real estate market that was Inverness. But all that changed in 2020. COVID came and people where stuck in their homes. Their favorite restaurants and shops that they would walk to were now closed. Their homes that were just the right size before, now seemed cramped for the family that was spending more time in them together. Working from home became the norm and required dedicated work spaces. Of course there were more factors like school and riots, but the result was a reversal in a trend that saw buyer moving toward more dense communities. We saw a flood of Chicago buyers leaving the city and Inverness looked like a bargain with its sprawling acreage and large homes. Inverness was back in demand. Over the course of 2020 and 2021 inventory started to dry up and home prices were on the rise. That all brings us to today. Currently, buyers are competing over fewer and fewer properties and they are quickly learning that if they want to purchase a home, they have to pay a premium for it. As I write this, there are only 17 properties available to buyers in Inverness. In previous years, this number would have been around 50. Simply put, there aren't enough homes for the demand. How long will this last? It won't last forever, that much is obvious. There is a lot of uncertainty out there in the world and that makes it hard to predict the future of our housing market. But what I will tell you is if you have been thinking about selling your home, NOW IS THE TIME! I would be happy to come see your home and tell you what the value of it is in this current market. Let me show you why we are number one when it comes to selling Inverness homes. You can call or text me at 847-401-4859 or email me at chris@InvernessForSale.com or visit my website at www.InvernessForSale.com.
Chris Jacobs |  Chris Jacobs INSIDE THIS ISSUE...
INVERNESS - For Sale INVERNESS - For Sale INVERNESS - For Sale INVERNESS - SOLD INVERNESS - SOLD INVERNESS - SOLD INVERNESS - For Sale INVERNESS - SOLD INVERNESS - SOLD INVERNESS - SOLD INVERNESS - SOLD INVERNESS - SOLD For a PDF version of this issue click here. |
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If you read my article in early 2021, I spoke of a coming sellers market. Well as of the writing of this article in March of 2022, the sellers market is here! The flood of buyers from Chicago moving to the suburbs combined with low interest rates, have lead to a severe lack of inventory.