The Economy Is Doing Well, So Why Aren't There More Home Sales?

The answer is that housing industry growth is minimal because too few homes are for sale, and rising prices of homes in many markets have made home ownership financially out of reach for many families.

Lawrence Yun, chief economist at the National Association of REALTORS®, is predicting a 1 to 2 percent uptick in sales this year, to about 5.6 million units. "Given favorable demographic trends and how well the economy is doing, that increase is much more restrained than it could be. This is really about lack of inventory,” Yun said at a residential economic forum. "New construction is key to addressing inventory shortages, but small builders are largely absent from markets," Yun said. 

Although unemployment percentages are shrinking and wages are rising, home prices have grown 48 percent nationally over the past 6-7 years while wage growth has increased only 15 percent.  The persistent low inventories of homes for sale have been driving up home prices and making homes increasingly unaffordable for many households.

What To Expect When Faced With A Multiple Offer Situation

When faced with a multiple offer situation, expect the unexpected.  There are no hard and fast rules when it comes to multiple offers in a home sale, and we have seen sellers handle the situation in many different ways. Anything can happen.

A seller may have their agent contact each of the buyer's agents, notify them that they have received multiple offers, and give each buyer until a specified time to submit their highest and best offer.  At that point each buyer has the opportunity to make their offer more attractive by upping the price, and/or changing some of the terms or contingencies. Once the time to submit the revised offer has lapsed, the seller will review the offers and may either accept one of them, or negotiate further.

Having Fun Celebrating Success At The Shedd Aquarium!

A great time was had by all at the Coldwell Banker annual appreciation event for agents and staff at the Shedd Aquarium, where attendees celebrated another year of success with great food, drinks and lively conversation.

Thank you for a great night Coldwell Banker Residential Brokerage!