Batavia IL Market Update: Kane County Outperforms Chicago Metro Area

Whether I'm standing in line at the grocery store or meeting a new client in Batavia, IL, people want to know "what's happening in the housing market?". The national news has certainly been discouraging. On August 24 the Chicago Tribune published the unsettling article Chicago Area Home Sales Plunge in July.  

But here in the western suburbs of Chicago we're doing better than most areas. 

"Among the Chicago-area counties, the only one to eke out a positive sales performance was Kane County, where July sales rose 1.3 percent from a year ago". (drops in the other 5 counties ranged from 18.6% to 35.8%...ouch).  

What does this mean for home buyers and sellers in Batavia?

Home Sellers must face the reality of growing inventory and slowing sales. The home must be compellingly priced, it must be in the best possible condition, it must show well -- staging is now a "must do" -- and it must be aggressively marketed by a broker who can and will use every tool in the arsenal.  

Home Buyers should time to take a good look at your options. The affordability index (percent of household income it takes to buy a home) is the lowest it has been in the past 30 years. Low interest rates and low purchase prices make it a great time to buy!  

 For more detailed opinions and data on this week's news, please see my recent blog posts: Supply and Demand, Big Girl Panties, and Camp Gloom and Doom.      

BATAVIA, IL  Single Family Homes

Move the bar on the lower right to show inventory and pricing data from the past 3 years. The orange line is prices, the black line is inventory.

If you would like a detailed answer on "How Much Is My Batavia Home Worth?" give me a call and we'll schedule a time to meet. If you're thinking of buying, call me and we'll discuss your options.