I have had so many people ask me recently what is going to happen with the real estate market and when we are going to see it turn around. I wish I had an answer to that question but unfortunately no one does. If you ask 10 people in various financial or real estate areas you will probably get 10 different answers because there is so much uncertainty. Interest rates have gone down to below 6 % which certainly is a big plus but the rates have been pretty low for awhile and that has not seemed to help buyers come into the market. Right now, even if we start to see an increase in home buyers, there is so much inventory that it is going to take a long time for the supply of homes to sell.
Right now there is a 13 months supply of homes in Plainfield, IL. This means that if no more homes go on the market, then it would take 13 months for all the current listings to sell and close. That is based on the number of homes that have sold in the last 6 months compared (505) to the number of homes that are currently on the market in Plainfield (1157). If this number is less then 3 months then we are typically in a sellers market and if it is more than 6 months it typically means we are in a buyer's market so this tells you how much of a buyer's market we are in right now. But homes are still selling, it just means a seller has to realistic about their expectations and pricing.
10 years of experience selling homes in the Plainfield and Romeoville area. Relocation specialist. Homebuying guides available for buyers. Pricing evaluations available for sellers.
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