Real Estate Market Update - Northwest Suburbs - October 2016
This is the place to get those Northwest Suburban real estate questions answered!
What are Prices Doing? Average sales prices are relatively stagnant compared to other areas of the country. I think that overall we will do well for the year of 2016 but not as well as some areas of the country. I have provided an infographic from RE/MAX that shows some of the national real estate 'action'.
Average Days on the Market increased from September around 20% higher. We are now in the last push for the end of the year closings. April has still been the busiest contract month of 2016.
With our increased amount of inventory in October we are teetering between in sellers market & buyers market for certain property types or price ranges. Inventory has increased 14% from 2015 and months of inventory has increased to over 5 months. This is definately signaling a slow down in the market.
Let's talk Interest Rates - They are going to go up very soon according to Janet Yellen. Every 1/4% that the interest rate increases that obviously lowers a buyers purchasing power. This is a great time to take advantage of these rates by moving up or buying that first home.
There are many great downpayment assistance programs available that I can get you through my valued mortgage partners. Check them out or pass this along and share with someone who might need this kind of help.
Looking for an agent that's a true market expert? I can zero in to your specific neighborhood and give you the current market details so you can make an informed decision and help your home sell faster and for more money. My experience plays an important role. I'm one of those unique people that will tell you how the market really is explaining both 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.
September 2016 Report
Sources: MRED October Stats 2016, RE/MAX Intl.