In the real estate world, when inventory is low and demand is high, as it has been locally for the past few years, it means one thing: it’s a seller’s market. A seller’s market is in place when housing demand is greater than supply. Characterized by low inventory, fast sales and rising prices, a seller’s market can result in bidding wars and homes selling above asking price.
While the local spring real estate market is just getting into full swing, so far, it’s been a busy season and indications for the first part of the year are that we are in an environment where sellers have the upper hand in negotiations.
Rising interest rates and market uncertainty could still put a damper on things — in other parts of the country, buyers have the upper hand, but this week we take a look at three recently closed sales that show just how far buyers are willing to go to secure the house they want.
This quarter’s winner in difference between listing and closing price is in River Forest. The home at 1317 Jackson Avenue was listed at $880,000 and closed for $1.3 million on March 26, roughly $401 per square foot. The four-bedroom, three-and-one-half bathroom house spans roughly 3,200 square feet and was built in 1938. The stone house has an attached, two-car garage and slate roof. Inside, there are tiled entry floors, a contemporary-styled kitchen and a family room with a wall of built-ins. Outside, the grounds have mature plantings…