Hoffman Estates IL Homes - Hoffman Estates IL Real Estate - Housing Market for October 2012
Looking for current and concise market information for Hoffman Estates IL Homes? You've come to the right place and I've actually been seeing a distinct improvement for the last 18 months. Interest rates have never been lower with affordability continuing to be the best it's ever been.
Let's talk about a few different market facets here - 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 58% less in housing inventory then we did a year ago. With too many competing homes on the market, listing prices are forced downward which is what we have experienced in the past.
Another excellent indicator that the Hoffman Estates IL market is improving is the percentage of homes that go under contract each month. We are 69% above 2011 levels which shows you how slow it really was last year. Currently we are at 19% for homes and 23% for townhomes/condos. This is terrific and these numbers are the highest in over 2 years! (Compare other towns)
I'm positive about the market in Hoffman Estates! 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 were selling first which brings down the average prices for the whole market. The more foreclosures entering with lower prices makes 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 pricing their foreclosures noticeably higher and have discontinued incentives for now. Possibly they will resume during the winter market period.
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 downsize.
In the first time home buyer price point under $150,000 there have been multiple offer situations on most properties. The market is heating up and buyers can't believe that this is truly happening. I've watched many great buyers lose out on multiple homes with multiple offers! Lose out on a few homes and your buying strategy will have to change.
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. We can finally say that the upper end homes ($400,000 and above) are beginning to see movement again.
Also there is a better overall mix of regular transactions and what you could consider regular pricing. Sorry to say there are no price increases at this time. The mainstream media might be reporting it, but prices are not increasing in our area.
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 rough patches and help you take advantage of buyer trends.
If you are researching this update to possibly sell your Hoffman Estates IL Home, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.
Search for Hoffman Estates IL Homes
Hoffman Estates IL Home Foreclosures
Hoffman Estates IL Townhomes
Hoffman Estates IL Townhome Foreclosures
Hoffman Estates Community Overview
Sources: MRED, Agent Metrics, my little pencil.
Comments(2)