Bill J Delig…, Real Estate Pro in Naperville, IL

Slowdown in Showings over last month?

Asked by Bill J Deligiannis, Naperville, IL Tue Jul 23, 2013

Greetings & Well Wishes!

For those of you who have listings, have you noticed a slowdown in showings/inquiries over the last month?

I listed a condo in Lakeview about 2 months ago. When it first came on we had plenty of inquiries and showings. 95% of the feedback was very positive. A contract was submitted but fell apart during the inspection period. No major issues. The property is now relisted at about 10% lower from the original list price and there is virtually no action.

Is it increase in interest rates?
Is the holiday season affecting showings?

Thank You.

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Answers

15
John Walin, Agent, Libertyville, IL
Wed Jul 24, 2013
July is vacation month, revisit price and consider writing an offer to sell instead of waiting for an offer to purchase. Seller fills in whole contract and present to 2nd showing buyer or any that expressed sincere interest.
2 votes
Bill J Delig…, Agent, Naperville, IL
Wed Jul 24, 2013
Thank you all for your detailed responses.

It's a funny thing:
Higher Price - More Interest
Lower Price - NO Interest

...if anyone is interested, there is a great 2Br/2Ba condo available in Lakeview! ;-)
1 vote
Jacqueline S…, Agent, Chicago, IL
Wed Jul 24, 2013
Like I was saying when I asked the question, the rental market is usually strong from 4/1-9/30. It shuts down 10/1 for the winter and you only see transfers from out of state and people who sold their homes.

This year it really slowed down starting in July. That fact that this is going on in the sales market too shows it is not interest rate related. The interest rates going up have probably moved MORE people to try to buy and not less, but over all, something is slowing the Chicago market down.

I don't know what is going on in the suburban market, but I am feeling it in Chicago.
1 vote
Santiago Ken…, Agent, Chicago, IL
Tue Jul 23, 2013
Hi Bill you are right ! i had a reunion over the weekend with 20 real estate agents and thats what everybody talking about , no a lot of showings or a lot of showings but no offers
1 vote
Maurice Nels…, , Chicago, IL
Tue Jul 23, 2013
The Market is full of maybe buyers and are looking for the deal. My opinion is you get one shot at the wave and at times the newness creates the offer that just wants to win the battle, than decides its not for them.
1 vote
Jacqueline S…, Agent, Chicago, IL
Tue Jul 23, 2013
Bill, I asked the exact same question about rentals at a higher price and 2 offers that fell apart over personal issues with the prospects. It went from busy to nothing, even after a price decrease. Something is going on, but it is not interest rates with rentals. I blamed the 4th of July and vacations, but 2-3 weeks out, nothing has changed.
1 vote
Manuel Brown, Agent, Chicago, IL
Tue Jul 23, 2013
Bill,

It really depends on the listing. We have a Multi-Unit well priced in West Town and no one has made an offer yet.
1 vote
Joe Schiller, Agent, Chicago, IL
Tue Jul 23, 2013
that is just a scary post .. good price..adjusted price..no activity.. unless you just got really lucky with number one a 10% price adjustment is really significant.. I find it hard to beleive the market has that much swing..good luck regardless
1 vote
Akil Walker, Agent, Upper Marlboro, MD
Tue Jul 23, 2013
Hi Bill,

I believe the interest rates going up has hindered some potential buyers. I have a client that started looking at 200k homes and has dropped it down to 175k due to increase in interest rates thus causing her monthly payment to be higher.
1 vote
Don Maclary, Agent, Virginia Beach, VA
Tue Jul 23, 2013
1 vote
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Tue Jul 23, 2013
I think there is still good activity in the market - but its not the same as it was March-May
I have recently seen an increase this week in volume so hopefully you will see some action soon
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
1 vote
Korpacz Korp…, Agent, Rolling Meadows, IL
Tue Jul 23, 2013
Mine listings have quite a bit of showings, in fact I received offers within 1st week usually.
It all depends how much you price it.
1 vote
Akos Straub, Agent, Chicago, IL
Thu Dec 12, 2013
Each listing is different. We haven't had a slow down in our showing requests.
0 votes
Matt Laricy, Agent, Chicago, IL
Tue Jul 23, 2013
I feel as though business has picked up even more with most my clients. I think the rising interest rates has pushed most clients to try and lock up something quick.

My buyers that were on the fence have been pushed out of the market by the rise of the interest rates.

Moral: If someone could barely afford a condo, they will go back to rental. Really low priced places are probably seeing the affects of this.
Web Reference:  http://Americorpre.com
0 votes
Don Maclary, Agent, Virginia Beach, VA
Tue Jul 23, 2013
Summer Vacations and rates starting to climb
0 votes
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