A Market Inflection Point
Chicago’s suburban home market has gotten a lot of attention lately as people have sought more space inside and out. So, in the latest installment of @ The Market, @properties managing brokers Tricia Riberto and Jim Barcelona go on location in Naperville to discuss where the market is headed this fall.
After a frenzied year of homebuying with countless stories about bidding wars, Riberto and Barcelona note that we are at an inflection point in the market. In March 2021, inventory bottomed out in Chicagoland amid strong buyer demand. Since then, inventory has gradually increased, and we’re starting to see the return to a more balanced market.
As supply and demand shifts, Riberto and Barcelona discuss how buyers and sellers should change their approach this fall market. For sellers, they talk about proper pricing strategies and emphasize the growing importance of looking at recent comparable sales. Meanwhile, there’s opportunity for buyers, who are breathing a sigh of relief as inventory rises, competition recedes, and interest rates remain low.
For more market insights, watch the full episode below or check out the segment highlights here.