This is the place to get those Northwest Suburban real estate questions answered!
What does 2015 have in store for our real estate market? What's trending? The housing inventory is now the highest it has been since the recession started. In our area 3 times more listings come on the market than closings. Competition continues to be a factor in our Midwest market as we have not recovered as quickly as other larger markets.
Our Northwest Suburban market is still what's considered a 'balanced market' but competition will become more relevant over the next few months.
And those Prices? Prices have virtually stayed flat for February but increased slightly overall from 2014. The indicators are showing that the prices will continue to increase but only marginally. Our market is considered balanced but my opinion but we have too much inventory for prices to increase. Just the basic market presumption of supply and demand.
So when a home sells in our area what is the percentage off the list price typically? That answer is 97% - so the MLS average is 3% off the sellers list price. An interesting factor for homes that tried to test the market with a higher price first, their percentage was 93%. So had they listed the house correctly on a new offering they probably would have gotten a better price overall. (As an example, 4% of $200,000 is $8000 - that's a pretty good price reduction. So the home really should have been priced in the $190's).
Average Days on the Market tells homeowners how long it's going to take to sell their home. Each market area & subdivision is selling differently & was affected differently so there is no hard & fast rule. If you are a seller currently on the market for 90 days or more, buyers are telling you to change your price or up your condition.
Interest rates have stayed the same but there is no reason for them to stay this low for too much longer. Buyers, you've been warned. If you procrastinate it will cost you more in an interest rate hike or an increase in sales price. Pundits continue to be divided on whether interest rates will increase as predicted by June.
Lenders are anticipating a wave of refinancing within the next quarter.
Looking for an agent that's knows the market? 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. 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 current market strategies to get you into that new home.
January 2015 Report
Sources: MRED February Stats 2015
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