Real Estate Market Update - Northwest Suburbs - March 2014
This is the place to get those Northwest Suburban real estate questions answered!
Our Northwest Suburban inventory level is extremely low overall - down by 11% over last year. With these levels, buyers are having to hurry to see what's newly available on the market. Price your Northwest home well, make it shine with staging and you will be rewarded with an offer.
Whoops, buyers are confused! I've noticed that buyers are seeing homes quickly when they come on the market but are oblivious to the competition around them when they make an offer. With this low of an inventory level, why start your offer process $30,000 under list? The market has changed but your strategy is lagging behind when inventory was in excess. A seller will just wait for another 'more serious' offer with obviously more money.
What about Prices? Prices are currently flat increasing only 1.9%. All real estate is local so each different neighborhood and town is reacting differently to the market. Sales volume is actually down over last year by 37% which indicates a slow down ahead. This is a worrisome trend that hopefully is just because of the awful winter weather we have had.
Mixed Signals causing Confusion! Average Days on the Market are still extremely elevated in spite of our low inventory. It's puzzling because inventory is down 20% overall but market times are high? What does that say? This market condition is telling currently listed sellers that buyers are rejecting either their condition or their price. If your home is currently on the market for over 90 days, buyers are clearly giving you feedback - change your price!
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. My experience plays an important role.
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 with the bad.
Looking for a home in the area? Please give me a call or email me to talk about the possibilities. You will need these current market strategies to get you into that new home.
Sources: MRED March Stats 2014
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