Orland Park Homes Supply & Demand Chart for All of 2011
We finally have our year-end statistics and the chart above shows us exactly what a Buyer's Market is. The red lines represent active Orland Park homes for sale. The blue line shows us homes that went under contract for the month. The green line shows homes that sold and closed.
One thing I especially like about this chart is that it shows us what months showed the most activity in each category. August had the largest supply of homes for sale. More homes went under contract in May and the most closings occurred in July from those May contracts. Not much went under contract in December, which is usually the norm.
If you're a seller in Orland Park and you're wondering why your place is sitting on the market without any offers, this chart should hopefully put into perspective the over-supply of homes for sale. Buyers have a veritable smorgasbord of properties to choose from and homes must be priced at or under market value to have a chance.
You might think you're at market value, but if your home doesn't show as well as a similar home priced the same then buyers won't make an offer. Sometimes we agents feel like broken records - reduce your price, over and over. The rule of thumb is for every 4-6 weeks without an offer, a 3-5% price reduction should be taken until you receive one. When we sold our home recently we reduced price every 3 weeks. It depends on your motivation but if you don't adjust, the market will overtake your current price and you will be competing with more valuable homes that have kept up with the market.
Orland Park hasn't been hit as hard as some other villages, but it's still not easy being a seller in today's market. On the other hand, buyers have a huge selection and low interest rates to boot. If you're thinking of buying and/or selling, give Judy Orr a call at 708-536-8200 or use the Email me link to the right. This chart and my comments might seem negative, but I've been super busy and I feel like 2012 is going to be better than 2011.
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