As the Naperville real estate sine wave peaked in 2006, buyers of Naperville homes stepped forward. Passing by some of the fragile high prices that some sellers dreamed of getting for their DuPage County real estate, these savvy buyers began making demands for more. More extras, more amenities, more discounts, more help with association fees or closing costs, and more warranties.
And they are getting their way. Builders holding large inventories of new Naperville homes and individual sellers who need to move on quickly were the first to flow with the changes. That leaves rigid sellers in the dust and drives the number of available homes in Naperville past the demand. When Naperville sellers get with the program, they will bend a little and enjoy successful selling.
Naperville is a very popular destination recently acclaimed by MONEY magazine. Young professionals and retirees alike are seeking this friendly community west of Chicago, a restful place with strong schools and a strong backbone. “If your home is in good shape, you price it right, and you show it well, it will sell in a reasonable amount of time,” says Larry Shakman, one of our Realtors.
Still, the experts advise homeowners to lay low unless they need to move right now. It is too expensive to be whimsical about moving. The market will eventually level out from the voluptuous recent past and sellers will be in a better position.
Other phenomenon at play in the equation is the psychology of the “reluctant” buyer who is afraid of continuing or drastic drops in the housing market. This buyer will not purchase now because he fears that properties will not be as valuable in the future as they have been in the past. That pocket of fear can paralyze action and the pocketbook. And it slows down the normal cycles in the market.
One of the normal cycles happens in the spring. Families look to move when school is out. People move from leasing apartments to buying condos and townhomes. Or they move from condos to single-family homes. People upgrade, looking for more space for growing families and to fill other needs. They move towards their dreams of owning horses or having a pool hall or a swimming pool or a separate home office.
The natural cycles of buying and selling will always produce those serious buyers who are decisive and ready to turn in a contract. The patchwork quality of the safe neighborhoods hosting smaller homes in the high $300,000’s next to $1 million mansions provides a wide range of price points and choices for these buyers.
Buyers may have a bit more latitude than they have experienced in recent years, but the change is not entirely radical. Reasonable sellers are reaping benefits even with the moving sine wave.
