Blog

By Thomas Haught

So, you’ve tried to bid on a new home earlier this year, only to have it snatched from you during a bidding war? Did you see that the asking price, or even a higher bid, won over that dream home?

You weren’t alone. But that hot real estate market likely won’t last much longer, especially in Illinois.

As the COVID-19 pandemic eases with the use of vaccines and the economy begins to rebound nationwide, consumers who are searching for homes likely won’t have to do battle on the real estate front for much longer.

We expect this winter to be more like a customary winter – pre-COVID – where the real estate market will slow down for a couple of months. Potential home buyers generally don’t look to move in the cold weather or around the holidays. If mortgage interest rates don’t take a major dip again, things will likely level off and then pick back up in the Spring.

Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois, provides real estate forecasts to the Illinois Realtors, one of the state’s largest trade associations, and said we likely will see the usual end-of-the-year decline in sales volume.

“This happens almost every year and price changes will probably mute a little. They will still be positive, but they will not be as large as they have been in the early and mid-part of 2021,” Hewings said to the association.

Also, Hewings believes that while demand is high with low interest rates for mortgages, about half of that demand was from current homeowners seeking to refinance.

But now there will be an extra incentive for those looking to buy a home.

Fannie Mae recently announced “that in any underwriting decisions in the future, they’re going to take into account an applicant’s rental history,” said Hewings. “And if they’ve had a very good history that will result in them getting much higher ratings. So, this is a real incentive to attract more people, in particular rentals, into a market which is already suffering from very, very tight inventory.”

If you are considering the purchase of a new home in the future, contact the lawyers at Gaudi & Haught to help provide professional assistance during the entire real estate closing process.

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We just had great experience with Tom Haught and his paralegal Courtney Kropf. The communication is clear and fast. All emails were replied within 30 minutes. We will definitely work with Tom Haught again.

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Was recommended to them from my company. They did an excellent job and always answered all my questions. Were always upfront with all things and made sure I understood everything that was explained to me.

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We have used Tom Haught for two home purchases and one sale over the years and continue to be impressed by his professionalism, responsiveness, and thoroughness. Reasonable pricing too. Highly, highly recommended.

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Gardi, Haught is one of professional firm, I have been with G&H since last 8 years in all legal matters.RegardsWaseem Chaudhry

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Tom and his dedicated crew recently helped me close on a commercial property, and I must say they did an exceptional job! Throughout the entire process, they were incredibly responsive, attentive to detail, and a pleasure to work with. Their professionalism and expertise made the transaction smooth and efficient. I am thoroughly impressed with their performance and definitely plan to work with them again in the near future. I highly recommend Tom and his team for anyone in need of real estate services!

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I'd like to thank Gardi, Haught, Fischer, & Bhosale LTD and the whole Team! For amazing service. They made my selling experience fast, easy and at my convenience. I'm very thankful for the whole team over there. Their service meant alot to me and will be using them in the future. 10/10 !

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We worked with Tom and Courtney mainly on our recent closing. While it did not go as planned (all the other side’s issues) they did a great job keeping us informed and in track. Highly recommend.

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