Hoffman Estates IL Real Estate - Housing Report for May 2012
How to describe the current market for Hoffman Estates IL Homes? We have actually been seeing a distinct improvement for the last 12 months. Interest rates have never been lower with affordability being the best it's ever been.
The months supply of inventory for Hoffman Estates IL Homes has been steadily decreasing and has actually kept our recovery on an even keel. We have 19% less in housing inventory then we did a year ago. Too many homes on the market makes it more competitive and prices are forced downward.
Another good indicator that the Hoffman Estates IL market is improving is the number of homes that go under contract each month. Currently we are at 18% for homes and 16% for townhomes/condos . This is terrific and these numbers are the highest in 2 years! (Compare other towns)
I'm positive about the market again! It's been constantly improving from the number of homes that go under contract each month to the average sold prices.
Please remember that during the past year the lower end homes are selling first which brings down the average prices for the whole market. Foreclosures enter with the lower prices making the cycle continue. Buyers are being 'enticed' by all the REO's and foreclosures because why should they buy the same home for more? Banks are now giving two year home warranties and paying mortgage points as further incentives.
Move-up buyers have been watching and waiting to move up to that 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. We can finally say that the upper end homes ($400,000 and above) are beginning to see movement again.
The graph on average prices does not indicate that prices are finally on the rise. It just means that more upper end homes are now selling and are elevating those average prices. There are no price increases at this time.
If you are thinking of buying a Hoffman Estates IL Home, I hope you'll consider me as a 'buyers agent' for your purchase. An experienced veteran, like myself, can steer you around all the pot holes in that home buying highway.