MAHOMET, Ill. (WCIA) – Real estate agents say spring is a great time to put your house on the market. In the Champaign-Urbana area, houses are selling within a week.
The median price of a house has been increasing, and supply is low. So, even though it’s a competitive market for sellers, one realtor said buyers can still take advantage of the season.
“It’s spring so people are getting out of school, summer’s approaching – everybody wants to move in the warmer months,” Nate Evans Group real estate broker Matt Walters said.
Walters said there are fewer homes on the market since before the pandemic hit, and that’s good news if you plan to sell – especially this month.
In Champaign-Urbana, there’s roughly 100 active homes on the market right now, but they expect that number to pick up.
“It’s still a good time for buyers to shop. Interest rates are going to go up before the end of the year, so if somebody’s considering shopping now or later – you may save a little money by being out now,” he said.
Many young adults have been slower than their parents to commit to owning a home. But as rent costs rise, he predicts more millennials will start to settle down.
“When our parents were buying homes they were getting interest rates of 10, 15, 20 percent on interest… even at 4, 5 percent interest rates, it’s still a really good time to buy,” he said.
He said lately, more students have been interested in owning homes in the area after graduation. Destiny Collazo, a U of I graduate student, said she never planned to rent forever. She’s hoping to buy a home next year.
“I think the decision or thought seems more natural as a part of life as I mature,” Collazo said.
But, it’s still a big step.
“Say we do move, or we don’t end up staying here past when I graduate, then what will happen? I don’t know. Say we have to sell. How easy will that be? I’m not sure,” Collazo said.
Realtors say they can help young homeowners answer all of those questions. And even though the market has been volatile over the years, that doesn’t mean it’s a bad time to shop.
“We talked to buyers a few years ago who said ‘oh, I don’t want to deal with the craziness of the market with multiple offers,’ and it’s actually only gotten worse over that time span. So, we don’t see that changing any time in the near future,” Walters said.
His best tip for sellers? Make sure you’re not “leaving any money on the table.” As for buyers? Working with experienced agents is crucial right now.