Whether I'm standing in line at the grocery store or meeting a new client in Elburn IL, people want to know "what's happening in the housing market?". The national news has certainly been discouraging. On August 24 the Chicago Tribune published the unsettling article Chicago Area Home Sales Plunge in July.
But here in the western suburbs of Chicago we're doing better than most areas.
"Among the Chicago-area counties, the only one to eke out a positive sales performance was Kane County, where July sales rose 1.3 percent from a year ago". (drops in the other 5 counties ranged from 18.6% to 35.8%...ouch).
What does this mean for home buyers and sellers in Elburn IL?
Home Sellers in Elburn IL must face the reality of growing inventory and slowing sales. The home must be compellingly priced, it must be in the best possible condition, it must show well -- staging is now a "must do" -- and it must be aggressively marketed by a broker who can and will use every tool in the arsenal.
Home Buyers in Elburn IL should take good look at their options. The affordability index (percent of household income it takes to buy a home) is the lowest it has been in the past 30 years. Low interest rates and low purchase prices make it a great time to buy!
For more detailed opinions and data on recent news, please see my recent blog posts: Supply and Demand, Big Girl Panties, and Camp Gloom and Doom.
Take look at these dynamic charts from Altos Research. Buyers and Sellers in Elburn IL can see the patterns of inventory and prices for homes over the past three years by sliding the bar (lower right) back and forth.
Elburn, IL Single Family Homes
Elburn, IL Townhome and Condos
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