October 11, 2023

2023 FALL MARKET UPDATE

October 11, 2023

2023 FALL MARKET UPDATE

The Fall 2023 Real Estate Market Update in LakeShore East

Welcome to our LakeShore East Fall market update. As we begin October, we have some invaluable insights to share about the real estate market conditions and some exciting projections for the near future.

Current Market Status: Understanding the Scenario

The start of October signals it's time for a fall market update, offering an in-depth look at Lakeshore East's local real estate landscape. We still see rates hovering slightly above six percent. According to economic and mortgage industry insights, this figure is unlikely to change any time soon, potentially even remaining stable throughout the upcoming election year. Thus, we should adjust to these slightly higher interest rates.

Property Availability: A Seller's Market

Our local market, Lakeshore East, and the surrounding regions continue to experience low inventory. This scarcity translates into a seller's market. However, it's important to note that this primarily applies to properties with fair pricing and exceptional conditions, as buyers have become more scrutinous regarding their expenditures and the interest rates they must shoulder.

The lack of competition makes it an excellent time for potential sellers. But, I do recommend having a thorough discussion about your property's real market value and any necessary improvements to ensure a successful sale. Currently, the sell price to list price ratio is robust, hovering around 96-98%.

The Buyer's Perspective: A Decisive Moment

Buyers are gradually becoming comfortable with the prevailing interest rates, and movement in the market is beginning to gain momentum, a positive sign for our autumnal market. If you're considering purchasing a home, you have the advantage of knowing your interest rates upfront and can secure a fairly reasonable deal due to sellers needing to price their homes realistically.

Reasons to Reconsider Waiting to Purchase

If you're contemplating deferring your home purchase, please consider this: should the interest rates decrease in the next 12 to 18 months, we will likely witness a surge in buyers re-entering the market. This scenario could inadvertently drive property prices upward, making you potentially pay more for the same property. Remember that although you cannot retroactively adjust your sale price, refinancing an initially higher interest rate is an option.

Several of our preferred lenders currently offer free refinancing within a two-to-three-year timeframe. So, if you're keen on buying, it might be advisable to take advantage of the lowest sell price available, tolerate a slightly higher interest rate, and plan for refinancing once the rates drop.

The New Eastside: A Vibrant Market

In the New Eastside area, we're seeing only a small amount of inventory coming online, but seeing a consistent buyer base looking for condos. If you have any queries concerning your specific property or need further assistance, please don't hesitate to contact me. I'm more than happy to guide you through your real estate journey.

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New Eastside Living

Ginger Menne
737 N. Michigan Ave, Suite 1800
Chicago, IL 60611

ginger@gingermenne.com
Tel (312) 927-0852
Off (312) 216-5887
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