Elk Grove Village IL Homes - Elk Grove IL Real Estate Market Summary 2010

Elk Grove Village IL Homes - Elk Grove IL Real Estate Market Update 2010

How to describe this market for Elk Grove IL Homes?  Unfortunately, up ... down ... all around!

Over the final quarter of 2010, inventory for Elk Grove IL Homes was very steady at  11.7 months then down to 10.4 then ending up at 13.1 months.  Where did a large portion of these homes go?  I think that sellers have taken their homes off the market and decided not to move or the sellers have become 'reluctant' landlords in order to continue with their future plans.  The problem is not solved, only postponed to a future date when the lease expires.  

There is also another reason that's a little more tragic.  Pre-foreclosures are waiting for the legal process to take place, the property seized, cleaned up and then put on the market again for sale.  This hidden part of our market is called 'shadow inventory'.

Real estate is very unique with a possible 60 day lag time between contract and actual closing.  So you could see in current pending statistics whether activity has increased or decreased. Despite the numbers shown for November 2010, the pending sales are declining.

Interest rates are still low coupled with great prices and values, buyers should be out in droves to take advantage of this opportunity. Move-up buyers have been wanting to move up to a larger home and also take advantage of the interest rates and great prices.  Just one problem - they can't sell their current home. Same conditions for people that want to down size.

If you are thinking of buying a Elk Grove IL Home, please consider me as a buyers agent for your purchase. An experienced veteran, like myself, can steer you through the 'mine field' on your way to your first or tenth home!

If you are researching this update to possibly sell your Elk Grove IL Home, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.


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Sources:  MRED, AgentMetrics