Schaumburg Townhome Market Snapshot - June 2010
The graph illustrates sales for Multi-family Schaumburg Townhomes, Condos, Duplexes, Quads from January to June 2010. With all the media hype about the tax credit, I would have expected better numbers. What I see here is the standard increases that we see every year at this time. But, one caveat is that I believe the tax credit was much more valuable to multi-family buyers. In that segment I saw a surge for the deadline (June 30th) but again this could also because of the time of year.
Schaumburg townhome foreclosures and 'better priced values' have been scooped up the fastest. Short sales? Well, they fell terribly 'short' for our area. From working with my own buyers, short sales offer too many hassles and not enough price rewards for dealing with the banks as a seller. Dealing with a bank = headaches and massive quantities of Tylenol.
Pricing your home correctly is more important than ever with the decreased activity and only a certain amount of buyers. Over the last 6 months the 'listing price to sales price' average has been 95% or 5% off list price.
What tells me that sellers still haven't priced their homes correctly in the beginning is the next set of numbers that I have which is the 'old sales price to sales price' came in at 90%. This means that the listing prices had to come down 5% more in order to sell in today's market. (95 - 90 = 5%)
Schaumburg Townhome average market time was 129 days.
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