Rates Up, Prices Up, Buyers Hiding. Great, So Now's the Time?

What the Report Says

According to WBEZ Chicago, a new report finds rising mortgage rates and home prices are sidelining buyers. Some real estate agents reported buyers pulling back, but the same coverage notes that October has historically offered better opportunities for homebuyers, citing data from Illinois Realtors.

Why the Fall Lull Can Work for You

Here's the unglamorous truth after 20-plus years of doing this: fewer buyers in the pool means less competition for you. The spring stampede, with the bidding wars and the 'we waived everything' stories, is a distant memory. A seller still sitting on the market in late October is usually a seller who is listening.

What This Means for You

Buyers in Algonquin, Huntley, Crystal Lake and the rest of the NW suburbs: this is a good moment to get a lender to run real numbers, because rates are what they are and no amount of waiting-and-hoping has ever been a financial strategy. Sellers: pricing right matters more than ever. A smaller buyer pool is not impressed by wishful thinking. If you want to talk strategy, my phone works.

Waiting for the perfect rate is a lot like waiting for the perfect parking spot. Sometimes you just have to park. — Jenny