Conversion Rate means?
Months Supply of Inventory says?
Why does this matter when you are selling your home?
Well, the 'Absorption Rate' is the real estate markets ability to absorb or sell all of the Schaumburg Homes for sale in a given amount of time. The ability for the Absorption Rate and market to either decline with many buyers in the marketplace OR to increase when buyers are few in numbers. Each month the number changes based on homes coming on the market, going under contract and then finally closing.
Is this a 'Buyers Market' or a 'Sellers Market'?
Currently, we are still in a 'Sellers Market' according to chart trends. Finally, our inventory of Schaumburg Homes is stabilizing and the lower the housing inventory, the better the market conditions are for sellers. Meaning that buyers will begin to compete for homes in certain price ranges. The economic principle of 'supply and demand'.
A 'Buyers Market' is just the opposite and what we have been experiencing for the last few years. Increased numbers of Schaumburg Homes on the market all competing for the same small pool of buyers creates a 'housing glut'.
With more competition in the marketplace, home prices are forced downward. Foreclosures also force prices in communities downward. The banks are often generating '30 day pricing' which means they want the house under contract in 30 days - period. What's the lowest price that will get the job done and get this house off the market! In the end it's good for buyers, not for sellers.
In a 'Buyers Market' it will take longer for your Schaumburg Home to sell because of the decreased amount of buyers. Time on the market is increased so sellers should plan accordingly for an extended market time. Each communities market time will be different.
Want to know the current market trends of your community? I can provide you with this added market perspective as it makes a difference on how your Schaumburg Home is marketed effectively. The 'Conversion Rate' shouldn't be kept a secret because it plays a pivotal role in your home selling strategy.
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