My, how the real estate market has changed. Yes, here in the Glen and throughout the country.
A couple of years ago, most real estate markets had a glut of homes for sale but few buyers. Today, home inventory is very low, but the buyers are back. The result is this: New listings, if priced competitively, will sell…often very quickly.
So, why has this occurred? First, many homeowners have decided to wait out the market until prices increase substantially. Second, buyers who have been on the sidelines have decided it’s time to buy. They are attracted by the extremely low interest rates and the prospect of home prices going up over the next few years. In other words, they know they can buy more home now than they can in a few years.
Here is one example. Tower Crossing has 154 beautiful town homes. Two and three years ago it was not uncommon to see 15 or more of these homes for sale at one time. But the buyers didn’t come or those who did come wanted very big discounts. Only seven homes sold in 2009 and six sold in 2010. It was a buyers market. Today, there are only three Tower Crossing homes for sale. It’s been like that since early 2012. But eleven homes sold in 2012! We are now seeing multiple offers for Tower Crossing homes, and the time on market has been roughly half what it was a few years ago. The same is true in other Glen neighborhoods such as Southgate, Chapel Crossing, Landings, and Cambridge.
The bottom line for buyers is this: There are still good deals on Glen homes, but there are fewer to choose from. And if you are interested in buying, you should be prepared to act quickly when you find what you want. I am an original homeowner in the Glen, so I know it well. If you are interested in a Glen home, please call me at 847-401-1802 or send an email to Margaret.Ludemann@cbexchange.com.