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The
survey of 1,000 people who sold a home in 2022 and 2023 found
that 45% of sellers rejected an offer that turned out to be
their highest, showing just how quickly home prices have fallen
in some parts of the country.
“Some people call it right now a nobody’s market because things
aren’t necessarily great on either side of things, but it does
seem we are making a move more towards a buyer’s market,”
researcher Matt Brannon said.
Mortgage rates continuing to remain at a 20-year high is still
influencing decisions in the market.
“We found that 51% of recent sellers told us they were hesitant
to sell because they didn’t want to give up their low interest
rate,” Brannon said.
The top three reasons people said they sold their home were they
wanted a bigger home (40%), it was a good time to sell (37%),
and they wanted to move closer to friends and family (30%).
Clever's survey also found that those who sold their home with a
real estate agent earned over $46,000 more in average profit
than those who sold without an agent in 2022 and 2023. Those who
didn't use an agent were nearly 2x as likely to say they were
not satisfied with the home-selling experience.
The Illinois market has been slowing down, with over an 8.5%
drop in home sales in October compared to last year. The wide
median price increased about 7% statewide in October compared to
the same time last year.
Inventories continue to be an issue. According to Illinois
Realtors, there were just over 21,000 homes for sale in Illinois
in October. That is compared to around 60,000 in October 2019.
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