2020-21 -- a Seller’s Dream Real Estate Market
kelly@michelsonteam.com 630-551-1111
Looking to buy a home in the Yorkville area? Get ready for a bidding war and plan to pay more than the asking price. Yorkville resident Kelly Michelson, head of the seven-
member Michelson Integrity Dream Team at Baird & Warner, says its definitely a sellers’ market. With 17 years of experience as a Realtor behind her, she admits she’s never seen anything like this before. “In spite of Covid, Baird & Warner had another record
setting year last year. Te residential market is strong and the rental market is strong. Tere is not a lot of inventory for rentals, condos, and townhomes. Interest rates are very low. People can afford more in a home. Some are looking to upsize, some downsize. Some people are choosing vacation homes. It’s a good time to sell.” Kelly says the cost for new construction is also high; builders can’t keep up with the demand. It took 11 years for the market to rebound from the 2008 recession, she says, but she predicts that although things will slow down, there won’t be a housing crisis like then. People have too much equity in their homes, she says. As for Yorkville, she says it gives off a fun vibe. “We have such a great community of people,” she says.
“Tere are so many independent restaurants. It’s a fun place to be.”
jpesolacommercial@gmail.com 630-553-4994
Residential sales aren’t the only real estate market
swinging upward in Yorkville, according to Jason Pesola of Commercial Affiliated Real Estate, Naperville. A Yorkville resident with more than 20 years selling in the local commercial market, Jason said the metrics just weren’t there before, but because Yorkville is “literally on- fire” with residential sales, its causing a population increase that is placing the City in a much stronger position to attract new commercial interest. “Residential drives commercial,” Jason says. He points to the new NCG Teater, Verizon, the new
Gas n Wash, and the Holiday Inn Express & Suites, and cites current data that shows Yorkville’s new Smoothie King to be No. 2 in sales in the US. Tese are all having an impact on drawing more commercial investment to Yorkville. “Te door is a bit more open and we are gaining real traction with larger brands,” he says. “We are turning the corner and things are looking great for the future.” Unlike residential sales that usually close in 60 to 90 days, commercial deals can come to fruition one to three years down the road, Jason says, but added that he thinks the market is going to remain strong. “Te entreprenural spirit is alive and well in Yorkville.
And now, finally, national brands are willing to also take that risk and realize the potential Yorkville has to offer.”
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