What's On The Horizon For The 2014 Real Estate Market?

2014 is sure to be a great year for real estate! Inventory is so low right now and there are so many active buyers. Couple this with rising interest rates and you've got a seller's market! Buyers are competing or completely losing out on properties.

Kristen and I are prepared for a knockout year this year. We just listed a new rental property in Lockport and a property for sale in Oak Lawn. We have several buyers right now looking in New Lenox, Lockport, Tinley Park, Orland Park, Plainfield, Homer Glen, Frankfort and Mokena. 

To give you an idea of how inventory has decreased, here are some stats:

  • In Lockport, the number of homes available for sale decreased 30.8% from 2012-2013
  • In Tinley Park, the number of homes available for sale decreased 22.5% from 2012-2013
  • In Minooka, the number of homes available for sale decreased 24.2% from 2012-2013
  • In Plainfield, the number of homes available for sale decreased 26.7% from 2012-2013
  • In Frankfort, the number of homes available for sale decreased 27.6% from 2012-2013

It is becoming tough to find a home because the amount of homes under contract is also increasing. Having less inventory and more of that inventory under contract, buyers are left with bidding wars!

Thinking of buying? Selling? Contact The York Team today!