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NO. 512 | A JWC MEDIA PUBLICATION
FALL FEVER WITH INVENTORY STILL AT RECORD LOWS AND BIDDING WARS CONTINUING, THE SELLER’S MARKET IS EXPECTED TO REMAIN STRONG AS WE MOVE INTO FALL, THOUGH INTEREST RATE HIKES ARE A CONCERN FOR SOME. BY MITCH HURST THE NORTH SHORE WEEKEND
More of the same. That’s what real estate brokers from across the North Shore are saying about the residential market as summer fades into fall. Strong buyer demand along with limited inventory will keep prices steady, although interest rates will impact the lower end of the market, especially for first-time homebuyers. “I do not currently see a slowdown, nor do I see a slowdown in the near future,” says Laurie Field, a broker with Engel & Völkers in Winnetka. “Buyers who have been in the market long enough are savvy, and they know when something is priced right.” Field says she is currently working with several buyers that can't find what they are looking for. The buyers are happy enough where they are currently living and they're willing to wait for the house, condo, or townhouse that checks the most important boxes to come on the market. She’s worked with them to get ready to list their homes as soon as they find what they are looking for. “There was a time that sellers could ask and get a lot more for their house than they ever expected, and I think those days are in the past,” she says. “Houses that are priced right continue to move quickly, and anything overpriced will sit on the market and accumulate market time.” While interest rates have risen, Field says
she doesn’t see an immediate impact on the market. Even with the recent moves by the Federal Reserve Bank, rates remain attractively low. “I initially thought rising interest rates would prompt a slowdown in market activity, but I am not seeing that. The buyers I am working with know that while rates have increased, they are still significantly better than they had been in, say, 2008 to 2009,” Field says. “Buyers know they can refinance when rates go down. They’re better off building equity in a home as opposed to paying rent and giving someone else that equity.” Susan Maman is with @properties in Winnetka and she believes the current conditions indicate the 2022 housing market on the North Shore won’t be seeing any dip before the end of the year. “As long as our demand is still considerably higher than our inventory, we will finish strong. At the end of the day, it’s still about price, product, and perception of value,” Maman says. “There was a time—first quarter of 2022— when there was definitely more of a buyer ‘frenzy’ than we have today. That being said, I am finding that those homes that are priced attractively and realistically will continue to put sellers in the driver seat.” Maman says during the past two weeks, two homes at two ends of the spectrum—a luxury home that showed like new with a swimming pool, and a 2,180 square foot condo that needed updating—both sold for above asking price. Both had strong multiple offers within 72 hours. “We have seen a slowdown in the number of homes going under contract which may partially be the fact that July to August months are family vacation months, going to camp, and getting ready for school,” she says. “Our prices continue to appreciate, and buyers more than ever seem to be leaning towards homes that are new/newer or have had a renovation.” Continued on PG 6
Susan Maman of @properties recently sold this home at 111 Lakewood Drive in Glencoe. The listing received multiple offers.