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Real Estate Market Update November 2022

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Here we are in November 2022 and the real estate market has begun its normal Even Flow with the holidays upon us and this video I have something important to bring up to your family when you meet with them.

Hi, this is John Herman of PropertyUp and I’ve been selling real estate in the northwest suburbs for 18 years now.

And right now our real estate market is going through a set of adjustments. The first adjustment is the interest rate being where it’s at today, close to the 7% range, and buyers are deciding their next step.

Along with that, we have our typical seasonal slowdown in the winter months as families get together for the holidays and such. What I see in the market now are the typical homes that have not sold being taken off the market and the question I normally hear this time of the year is should I list now or wait until next year? And the answer is to list now! because I’m starting to see more and more cash buyers purchasing properties than normal because of the higher interest rates and since I am also an investor who purchases properties revitalizing the community the time of year for a property that has been completely updated from head to toe does not matter one bit.

As a matter of fact, some of the best properties come out on the market during the slower times as Real Estate investors continue working on properties and finish when they finish. Serious buyers will jump all over the completely updated home they have been waiting for and with other listings now coming off the market in a market where we have 50% of the normal inventory, to begin with, sellers have a great opportunity during these times, so this is a fantastic time to list your home!

Now I also wanted to bring to you something important to discuss during these holidays when you’re with family and friends other than the latest Tiktok video or what happened at Walmart or Betty’s bunions, SORRY BETTY it’s something we Americans don’t talk about much and that’s estate state planning, I have recently obtained a CPE status which is certified probate expert because of the many families I’ve worked with in the past that didn’t plan ahead. Because about 50% of Americans do not have a will or a trust and when someone passes away the probate process is a very long and expensive process to go through the court system and the average is 16 to 18 months to get everything settled in Probate. so what you can bring up when you meet with your family, other than Betty’s bunions, is this video of an amazingly educated real estate agent who is talking about estate planning and how to protect the family investments and keep the family together, stronger and on the same page in the future.

Please feel free to reach out to me if you are currently going through probate or if you would like to know more about how to NOT go through probate in the future.

Thanks again for watching this is John Herman of PropertyUp and make it a great day.


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