Ellen Gay Moser was hoping to sell her home and downsize five years ago, but then the housing bubble burst.
“It’s very disappointing, when you thought you were ready to sell and move on some place else,” said Moser.
But, when she put it up on a recent Saturday…she had an offer by Sunday. It seems to be a trend throughout Naperville.
“With this current market, in the last quarter of this year, I’ve sold more houses than I have in 5 years in the last month,” said Elizabeth Gretz, a Broker with Coldwell Banker. “I’ve sold more houses quicker than I ever have before.”
The reason? Housing prices are at the highest they’ve been in 7 years nationally, prompting many sellers to list their homes. Buyers are finally on the market, due to low mortgage rates and a boost in overall employment. But, the demand of consumers is exceeding the supply of houses.
“The real problem tends to be the inventory of good homes for sale,” said David Buckman, Senior Loan Consultant for Wintrust Mortgage. “The good stuff is selling fast and frequently we’re seeing multiple offers on the good properties.”
Real Estate isn’t the only industry on the uptick nationally; car dealers are seeing more consumers on their lots, and they’re ready to buy.
“May seems to be that breakout month for us. We have a lot more customers in the door and we’re putting many more cars on the road,” said Joel Weinberger, owner of Continental Audi.
Car sales jumped 8.5% this April compared to last. Until then, many consumers had put the brakes on purchasing a car due to the uncertainty of the job market and the economy.
All these positive numbers are a good sign we may finally be pulling out of the recession.
“I think when people take a breath and say, ‘okay, I can buy that new car’ or I can see my 401k dollars are rising, maybe not rapidly, but they’re rising. I can see that house is selling for a fair price,” said Gretz. “Especially here in Naperville I think we are all feeling positive.”
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