Real Estate Market Update - Northwest Suburbs - May 2013
Welcome to the place to get those housing questions answered about the real estate market in the Northwest Suburbs!
Our local inventory level has continued to decrease and are still at insanely low levels. My assessment is that our recovery would be better if we had the inventory for the available buyers. Multiple offers in many price ranges make it tough for buyers. If your home is still 90 days or more on the market the buyers have deemed it overpriced.
Prices? This has been the first report where all the average sales prices have increased across the board.
Foreclosures are increasing their prices- I have noticed that there has been substantial price increases (try $20,000 to $30,000) in foreclosures new to the market. Can't fathom where they justified these prices because they are the ones that bottomed out prices for the rest of us. Hope they have problems with those appraisals like regular sellers have!
I am optimistic about our Northwest Suburban market and when interest rates are so low, buyers should take advantage of the best affordability ever. This opportunity will not last forever as either price increases or interest rate increases can cut into your purchasing power. We have recently experienced an increase of 1/2% in rates.
Looking for an agent that's a true market expert? Let's get your Northwest Suburban home on the market and priced right to sell! I can zero in to your specific area and give you the current market details so you can make an informed decision and help your home sell faster.
If your home is currently on the market, is your agent showing you any of this information? I'm one of those unique people that will tell you how the market really is explaining the good, bad or just how it is.
Looking for a home in the area? Please give me a call or email me (on the upper right) to talk about the possibilities. Depending on your price range, you will need current market strategies to get you into that new home.
Sources: MRED Stats May 2013