Whether you are in the market to buy a home or to sell your current home, it is important to keep abreast of market statistics (or at least to work with a knowledgeable REALTOR who does). Newspapers, national magazines, and television news report on regional and national trends, but don't do a very good job of explaining the local real estate market. The number of new housing starts nationwide or the percentage increase in foreclosures or short sales in the entire state have very little, if any, bearing on how quickly yourBuffalo Grove townhome in the Waterbury will sell, or how much your home is worth in the Buffalo Grove neighborhood of Sterling Green.
Everywhere I go these days, people are asking me the same question, how is the real estate market doing? My answer is always dependent on which segment of the market you are talking about? For example, the first time home buyer market is as strong or stronger than ever. Those people who were renters and don't have anything to sell are strong buyers and sellers in this market can sell their home relatively fast. Also homes in desirable neighborhoods, can sell within a few days if the homes are situated in a great location, updated and priced correctly.
Do you live next door to someone who just sold their house and you wanted to know the sales price? Since it would be considered a faux pas to ask your new neighbors what they paid for their home, just click on the neighbor's house green button, complete the data on the form including the entire address and I will be happy to provide you with the information you are looking for. Below is the information for the homes that sold in April of this year.
The following 20 single family homes sold in Buffalo Grove in April of 2008
Street Name
List Price
Closed Price
Rooms
Bedrooms
Baths
Type of House
Subdivision
Mohawk
$269,900
$250,000
6
3
2
1 Story
OLD BUFFALO GROVE
TWISTED OAK
$275,000
$259,000
8
4
3
Raised Ranch
STRATHMORE
ARBOR
$298,900
$270,000
8
3
2.1
Raised Ranch
Arbors of Buffalo Grove
ELMWOOD
$299,000
$279,000
7
3
1.1
Split Level
Lockwood
$314,900
$290,000
7
3
2.1
2 Stories
Suffield Place
Saxon
$339,000
$315,000
8
4
2.1
2 Stories
LAMONT
$329,900
$315,000
7
3
1.1
2 Stories
SUFFIELD PLACE
Ronnie
$315,000
$316,000
8
4
2.1
2 Stories
StrAthmore
SHAMBLISS
$359,000
$352,000
7
3
2
1 Story
CROSSINGS
Springside
$369,000
$360,000
8
4
3
Raised Ranch
Strathmore
HOLLY STONE
$379,000
$364,500
10
4
2.1
2 Stories
STRATHMORE
TIMBER HILL
$399,900
$365,000
8
4
3
Raised Ranch
STRATHMORE
Fabish
$399,950
$372,000
8
4
2.1
2 Stories
ASTOR PLACE
University
$417,000
$387,100
8
4
2.1
2 Stories
CAMBRIDGE OF BUFFALO GROVE
Alden
$419,900
$392,500
8
4
2.1
2 Stories
Strathmore
Camden
$429,900
$400,000
8
4
2.1
Split Level w/ Sub
CROSSINGS
Stanton
$499,900
$460,000
8
3
2.1
2 Stories
OLD FARM VILLAGE
NEWFIELD
$524,900
$510,000
9
4
3.1
2 Stories
OLD FARM VILLAGE
Avalon Ct. North
$599,000
$570,000
8
4
3
2 Stories
Mirielle
WEILAND
$589,000
$583,000
9
4
3.1
2 Stories
Amberleigh
Last year 22 detached homes sold in April, and this year only 20 detached homes sold. In my opinion this is not such a big difference. Also, the average time on the market of these 20 homes was 124 days in 2008 compared to 107 days in 2007. To me, an extra 17 days is not such a big difference either.
With all the negative publicity of how the market is doing, are you surprised that only 2 less homes sold this April compared to last April, and it took only 17 days longer to sell a home in this April compared to last April.
Real Estate is Local so don't believe everything you read in the papers.
6 Comments on Be on top of the Buffalo Grove Real Estate Market with Judy G
MAY
04
2008
Judy, I am glad you wrote this post. I was in a class that reinforced to all of our office Realtors how important statistics were because like you said in your class, the common question is, "How is the market doing?" You are right on the money with this one.
Judy, Just had a neighbor ask me what the final sales price was on an UNDER CONTRACT listing. Can't disclose until closing. I would make sense to grab the email address and send when the home closes.
Chicago Northwest Suburbs Real Estate including Long Grove, Buffalo Grove, Lincolnshire, Kildeer, Arlington Heights and Vernon Hills
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