The median sales price for Bourbonnais is $250,000. This has increased 1.8% since March 2022, which was $245,5000. The median days on the market was 10 with an average market time of 29 days. The median price per square foot is $142 compared to last year's figure of $130. This is an increase of 10%. At the end of March, there were only 33 homes actively on the market with only a 1.2 months supply of inventory. 

The median sales price for Kankakee County is $184,950. This has increased by 2.8% since March 2022. The average days on the market has decreased by 9.8% to 37. The median price per square foot has increased 6.8% to $126. Kankakee County currently has 1.9 months of inventory with 206 homes for sale. 

If your interested in a FREE Market Report for your home, please reach out to me at 815-790-1646 or lprovostrealtor@gmail.com

Please watch my live video report

https://fb.watch/jPR80mvGUE/

Wondering if you should sell your house this year? As you make your decision, think about what’s motivating you to consider moving. A recent survey from realtor.com asked why homeowners are thinking about selling their houses this year. Here are the top two reasons (see graphic below):

 

Let’s break those reasons down and explore how they might resonate with you.

1. I Want To Take Advantage of the Current Market and Make a Profit

When you decide to sell your house, how much you’ll make from the sale will likely be top of mind. So, here’s some good news: according to the latest data, the average seller can expect a strong return on their investment when they make a move. ATTOM explains: 

“The $112,000 profit on median-priced home sales in 2022 represented a 51.4% return on investment compared to the original purchase price, up from 44.6% last year and from 32.8% in 2020.”

Even though home prices have declined slightly in some markets, they’re still much higher overall than they were just a few years ago. To understand what’s happening with home prices in your area and the current value of your house, work with a local real estate professional. They can give you the best advice on how much you could gain if you sell this year.

2. My Home No Longer Meets My Needs

The average person has been in their house for ten years. That’s a long time when you think about how much may have changed in your life since you moved in. And typically, those changes have a direct impact on what you need in a home. Whether it’s more (or less) space, different features, or a location closer to your work or loved ones, your current house may no longer check all the boxes of what feels like home to you. If that’s the case, it could be time to work with a real estate agent to find a better fit.

Bottom Line

If you’re thinking about selling your house, there’s probably a good reason for it. Let’s connect so you can make a move that’ll help you accomplish your goals this year.

There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people’s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing.

Even though we’re no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), doesn’t expect that to change:

“[H]ome prices will be steady in most parts of the country with a minor change in the national median home price.”

You might think sellers would have to lower prices to attract buyers in today’s market, and that’s part of why some may have been waiting for prices to come crashing down. But there’s another factor at play – low inventory. And according to Yun, that’s limiting just how low prices will go:

“We simply don’t have enough inventory. Will some markets see a price decline? Yes. [But] with the supply not being there, the repeat of a 30 percent price decline is highly, highly unlikely.”

As you can see in the graph below, we’ve been at or near record-low inventory levels for a few years now.

 

That lack of available homes on the market is putting upward pressure on prices. Bankrate puts it like this:

“This ongoing lack of inventory explains why many buyers still have little choice but to bid up prices. And it also indicates that the supply-and-demand equation simply won’t allow a price crash in the near future.”

If more homes don’t come to the market, a lack of supply will keep prices from crashing, and, according to industry expert Rick Sharga, inventory isn’t likely to rise significantly this year:

“I believe that we’re likely to see low inventory continue to vex the housing market throughout 2023.”

Sellers are under no pressure to move since they have plenty of equity right now. That equity acts as a cushion for homeowners, lowering the chances of distressed sales like foreclosures and short sales. And with many homeowners locked into low mortgage rates, that equity cushion isn’t going anywhere soon.

With so few homes available for sale today, it’s important to work with a trusted real estate agent who understands your local area and can navigate the current market volatility.

Bottom Line

A lot of people expected prices would crash this year thanks to low buyer demand, but that isn’t happening. Why? There aren’t enough homes for sale. If you’re thinking about moving this spring, let’s connect.

Whether you’re selling your home or wanting to add more decorative flair, consider small improvements with little money or time spent.

The first thing you want to do is boost your curb appeal. Your home’s front entrance is crucial to first impressions. Add a new steel door or paint your existing door with a trendy new color. Round out the look with a new welcome mat, a new framed house number, a freshly painted mailbox, and planters of fresh greenery or flowers.

Regular exposure to dirt, dust, spills, and high foot traffic makes wood and carpeted floors look dull, dirty and distressed. Polish your hardwood flooring once a year or when you list your home. Weekly vacuuming can pick up topical dirt from your carpets, but it takes professional equipment and cleaning solutions to remove stains, pet odors, allergens, dust mites, and deeply embedded dirt. Your carpets will look like new and last longer, too.

Dress up your interior by installing new trim, molding and shelving. Crown molding and trim can transform a room, and it’s available already painted or you can paint it yourself. If space is an issue, add some decorative or modular shelving to an unused blank wall or cut out some drywall to make a recessed area for displays of books or collectibles. It will eliminate clutter from your tabletops and make your home appear larger.

Last, replace outdated, yellowed outlet and light switch covers with upgraded plates in bronze or a modern ceramic.