Are housing prices in our area on the rise?

Yes and no.  Based on our area's median sales price we are doing better than 2 years ago with the prices now at $170,000.  As you can see from the graph we are just now reaching the past prices of 2009.  I think what most people are misunderstanding in the media is 'my home is now increasing'.  That's maybe what 'you wanna' hear but it is not anywhere near reality.

northwest suburbs,
 
Prices are no longer decreasing and it makes a difference in each subdivision how prices are being impacted.  Live in a community where there are many first time home buyers or starter homes and you are definitely getting beat up with foreclosures pulling down the overall prices.  

The more foreclosures in your area you can see this lowering effect with each one that pops on the market.  Banks want to get rid of properties quickly and only think of overall market time.  They want that 30 day price and that home under contract as soon as possible.  If your home is competing during that time with a foreclosure, buyers will gravitate to those foreclosures like bees to honey. Everyone wants that deal!

foreclosures,If you are a buyer wondering what prices are doing I will explain what I've noticed so far.  Multiple offers!  Every foreclosure that comes on the market usually has multiple offers where the prices are getting bid upwards.  

So that nice 'starting price' is a great attraction (you're like that bumble bee) but it's probably not what the house is going to close for!  I have buyers currently losing out on 6 different homes and are being outbid with each contract.  There are now problems that buyers are just bidding high for the sake of winning only to find out that the property might not appraise out.  

So in that respect with buyers under the $125,000 price range, you are going to be in a bidding war which will indeed make prices rise in the near future.  You might as well just jump in the fray, fight like hell for a house you like and hope that you win!

Source:  MRED June Historical (not hysterical) Median Sales Price

 
 

Lyn Sims  ●  Schaumburg IL Area  ●  Northwest Chicago Suburbs  ●  (847)230-7324

  lyn sims, lyn sims,  lyn sims,schaumburg homes,schaumburg IL real estate,  the blog dog,lyn sims, lyn sims, schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate,

 
This post has been included in Illinois Real Estate News Cook County, IL Real Estate News Schaumburg, IL Real Estate News
Post is included in group: Local Real Estate Market Reports
Post is included in group: Market Reports
Post is included in group: 1st Time Buyers
Post is included in group: Local Expert

5 Comments on I think I heard what I want to hear about housing prices?

AUG
30
440,751 Points 69 Featured Posts Outside Blog Called Shot Master

Lyn, I dislike bidding wars and multiple offer situations. So many people get hyped up and then fall flat with disappointment.
8:45am • #1
298,751 Points 48 Featured Posts Outside Blog Called Shot Master

This is great infromation, Lyn.  So many buyers see a listing that seems too good to be true, then find out that it nearly IS too good to be true after the bidding war is over!  This is why buyers in Schaumburg need a dedicated Realtor like Lyn Sims to help them make an educated decision when buying a home.
10:51am • #2
978,793 Points 114 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

There goes the media again, generalizing everything.  That's why buyers and sellers in the Schaumburg need to turn to you for advice, counsel and representation.
11:49am • #3
857,724 Points 174 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Bidding wars have been driving up prices substantially in my area for a while now.  It's gotten a bit out of hand and putting some buyers out of the market.
1:11pm • #4
579,570 Points 37 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lyn it sounds like a real battle is waging in your area by buyers!  How frustrating to find a house you like only to be outbid repeatedly.  We've seen that happen here in Portland, too ... multiple offers over asking price, in the first day or two on the market.  Quite a change over the past couple of years!
9:03pm • #5

Login or register to leave a comment
 
Orton_face Rainmaker_large

Lyn Sims - Schaumburg Homes

Schaumburg, IL

More about me…

Schaumburg Real Estate - Northwest Suburbs - RE/MAX Suburban

Address: Schaumburg | Hoffman Estates | Elk Grove Village | and Roselle, IL in the Northwest Suburbs of Chicago

Office Phone: (847) 230-7324

Cell Phone: (847) 230-7404

Email Me

Market comments, updates and news about the surrounding communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Bloomingdale, Bartlett, Streamwood, and Hanover Park in the Chicago Northwest Suburbs.



Listings

Links

Archives

RSS 2.0 Feed for this blog