Orland Park Supply & Demand - 1st Half 2011
Looking over the charts I've created in the past for homes in Orland Park, it has been evident since I started making them that there is a huge difference in the amount of homes up for sale in any given time period vs. those "lucky" sellers that received accepted contracts and those that made it to the closing table. The word "lucky" is used tongue in cheek because most of the sellers that have sold have used more than luck. They have priced their homes well, meaning those homes were the cream of the crop for their respective price range.
I like viewing these charts as they let us know what months showed the most activity. In 2011, May had the most homes go under contract, but January and June were about even for closings. Even though there has been buying activity for every month, those buyers were getting serious in May and June by going under contract.
When you look at the disparity between current active inventory for each moth and compare it to the listings that went under contract and those that closed, you can see that buyers really have a lot to choose from. As a seller, you need to offer the best home for those buyers.
If you're not the cleanest and most updated then you need to reduce price to reflect your home's condition. Same goes if you're on a busy street or too close to a train or in a less desirable location. In fact, those kinds of locations can bring your price down 18% or more over a similar home not in an unsatisfactory area. I did my own calculations many years back and my figures were lower than those of the National Association of REALTORS®, who calculated even a higher discount for being in what most buyers would perceive as a bad location.
If your Orland Park home is sitting as one of many represented by the red line above, you might need to consider ways to get your home in the blue line, followed by the green. If you want to list your home in Orland Park, give me a call or use my contact link to the right.
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