Hoffman Estates IL Real Estate - Market Improvements August 2012

Hoffman Estates IL Homes - Hoffman Estates IL Real Estate - Housing Market for August 2012

Looking for current and concise market information for Hoffman Estates IL Homes? You've come to the right place and I've actually been seeing a distinct improvement for the last 15 months.  Interest rates have never been lower with affordability continuing to be the best it's ever been.

Let's talk about a few different market facets here - the months supply of inventory for Hoffman Estates IL Homes has been steadily decreasing and has actually kept our recovery on an even keel. We have 20% less in housing inventory then we did a year ago.  With too many homes on the market that makes it more competitive and prices are forced downward, this is what we have experienced in the past.

Another best indicator that the Hoffman Estates IL market is improving is the number of homes that go under contract each month. We are 69% above 2011 levels which shows you how slow it really was last year. Currently we are at 18% for homes and 18% for townhomes/condos. This is terrific and these numbers are the highest in over 2 years!    (Compare other towns)

I'm positive about the market in Hoffman Estates!  It's been constantly improving from the number of homes that go under contract each month to the average sold prices.

Please remember that during the past year the lower end homes were selling first which brings down the average prices for the whole market.  The more foreclosures entering with lower prices makes the cycle continue.  Buyers are being 'enticed' by all the REO's and foreclosures because why should they buy the same home for more?  Banks are continuing to pay mortgage points as incentives (as much as 3%) which sellers can't compete with.

Move-up buyers have been watching and waiting to move up to that larger home and also take advantage of the interest rates and great prices.  Just one problem - they can't sell their current home.  Same conditions for people that want to downsize.

In the first time home buyer price point under $150,000 there have been multiple offer situations on most properties. The market is heating up and buyers can't believe that this is truly happening.  I've watched a great buyer lose out on multiple homes with multiple offers! Lose out on a few of those homes and your strategy will have to change.

The graph on average prices does not indicate that prices are finally on the rise.  It just means that more upper end homes are now selling and are elevating those average prices.   We can finally say that the upper end homes ($400,000 and above) are beginning to see movement again. Sorry to say there are no price increases at this time. The mainstream media might be reporting it, but prices are not increasing in our area.

If you are thinking of buying a Hoffman Estates IL Home, I hope you'll consider me as a 'buyers agent'  for your purchase. An experienced veteran, like myself, can steer you around all the rough patches and help you take advantage of buyer trends.

If you are researching this update to possibly sell your Hoffman Estates IL Home, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.


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Sources:  MRED, Agent Metrics, my little pencil.