Busy Summer
Happy August! I hope you are having a wonderful summer. I can’t believe it’s already August and I’m gearing up to send Emmy & Jack back to school on August 16th. Summers in Chicago are THE BEST but always seem to fly by way too fast. I’m hoping we continue this summer weather for at least another two months.
As I reflect on another busy summer filled with kids summer activities, vacations, and selling homes, I realize my consistency with touching base dwindles, especially with my blog. In an effort to stay more consistent with keeping in touch, I’ve decided to switch up the format by sending monthly updates with what is going on with me and all things real estate. I’ll also include new design trends that I’m seeing in new construction, as well as favorite products, and even some seasonal recipes to try. :-)
I hope you and your families are doing well. I’m here if you have any questions. I am beginning to take exterior photos for folks thinking about listing in the fall and winter, so if you think you might want to sell in the next 6 months, it’s not too early to start thinking about it.
As always, thank you to those who have referred me business this year.
Enjoy the rest of your summer!
~Jen
Market Update
The market this year has remained consistent as far as low inventory and interest rates go. Last year when we saw a significant interest rate increase, many buyers and sellers sidelined themselves from the market. Many were hoping that prices would come down as a result of the rate hike. The spring of 2023 brought a lot of that pent up demand from last year to the market, resulting in a high number of multiple offers, which are still present for many homes on the market. Inventory levels that were already low have dropped even lower, which has driven the price of housing up even more in some areas. It will be interesting to see what happens with interest rates at the next fed meeting at the end of Sept. I recently watched Chief Economist for NAR, Dr. Lawrence Yun, speak about the market. He believes homes sales are bottoming out this year before an upturn in sales in 2024 with lower interest rates at around 6%.
Click to Enlarge
In DuPage County, inventory continues to remain extremely low for both the single family detached and attached (condos/townhomes) markets. the end of June, Inventory was down 44.4% from 1 year ago. Average market times increased from an average of 20 days to 29. Even with the increase, homes are still selling pretty quickly. Median prices for single family detached dropped 2.1% from June 2022 last year. Keep in mind however that real estate is local to your town and sometimes hyper-local to your neighborhood. When you look at Wheaton sales data, prices are up 4.6% year over year. Check out details in this chart.
I recommend with a side of caution to be careful when reading national headlines. What is happening nationally isn’t always a reflection of your local market. Even comparing data from a county to a specific town can tell two different stories.
Finally, I have noticed a difference in buyer sentiment recently. When the market was on fire in 2021, buyers were making extreme sacrifices an effort to secure housing and sellers were breaking records on their home values. Now, I’m noticing that buyers can spot an overpriced listing and back away from it without hesitation. Sellers aren’t getting away with testing out higher prices like they used to be able to do. So while it’s still very much a strong sellers’ market, pricing to sell from the get-go is key. I still see multiple offers on those that are priced to sell.
Feature in July 2023 Real Producers Magazine
As a real estate professional, there are many milestones we strive to achieve throughout our careers. Being recognized for our hard work and dedication is always a gratifying experience. Recently, I had the incredible honor of being featured in Real Producers Magazine, a prestigious publication that highlights the accomplishments and stories of industry leaders. I have such strong feelings of gratitude and pride for this recognition and the significance it holds for me. A huge thank you to my friend, Gail Neirmeyer from Coldwell Banker in Naperville, for nominating me.
To be recognized alongside these esteemed individuals is truly humbling and serves as a testament to the hard work and passion I have invested in my career.
Being featured not only acknowledges my accomplishments but also provides an opportunity to reflect on the journey that led me here. It reminds me of the challenges I have overcome, the lessons I have learned, and the growth I have experienced along the way. It's a chance to celebrate the milestones, both big and small, that have shaped my career and shaped me as a person.
The Real Producers Magazine writers did a great job of capturing my story. If you’re interested in reading it click here.
Check out the full Real Producers article here!
I’m Running My First Marathon!
Halfway through training!
Running a marathon has been on my bucket list ever since I took up running as a hobby in my twenties. I have run a few half marathons but never a full marathon. Every year I say “maybe next year” but there’s no reason to wait any longer! I just need to do it! And what better marathon to do first than in my hometown of Chicago. I’ve watched it so many times in person and on tv, and now I’m actually going to participate in it on October 8th!
My sister, Christine, and friend, Annette, are also running their first marathons. We decided to create a team called “Mom’s Time Out”, which kind of speaks for itself!
We are fortunate for very supportive husbands during long hours of training for this endeavor. I hope my kids will learn that we all can do hard things in life and to never give up.
In choosing a charity to raise money for, I wanted it to be one that is meaningful. Cancer has affected so many people I know and love that it's inspired me to join this American Cancer Society fundraising team. Running the marathon gives me the chance to make a difference and honor those touched by cancer by raising funds for groundbreaking research and services for people dealing with cancer. I'm also participating to inspire hope for those facing the disease and raising money for the American Cancer Society to help save lives from cancer. I hope you'll consider donating to this great cause.
Funds raised support cancer patient programs and groundbreaking research that can help save lives. This event also celebrates over 15.5 million cancer survivors nationwide. 15.5 MILLION. That's huge. If you are interested in supporting my fundraising endeavor, click the link here: https://secure.acsevents.org/site/STR?fr_id=104264&pg=personal&px=58762237
Check out this Real Simple Article:
Crate & Barrel’s New Line Will Make Home Renovations Way Easier
Must Try Recipe from SkinnyTaste:
Air Fryer Chicken Sandwich with Sriracha Mayo
Family Vacation to Northern Michigan
Every summer we go to northern Michigan for a vacation with family. I look forward to this trip every year not only because it’s absolutely gorgeous up there, but it’s a great time to spend with my family. There are 9 cousins on my side of the family, all very close in age, which makes cousin time so much fun for Emmy & Jack. This year we started in Bay Harbor/Charlevoix/Petoskey and then ended in Traverse City/Interlochen/Glen Arbor/Leland. Every time we go I can’t get over how BLUE Lake Michigan is! It’s literally like being in the Caribbean. We’ve been taking this trip for many many years and am more than happy to share our itinerary for it! It’s one of my favorite places on earth. 😊
