This is the place to get those Northwest Suburban real estate questions answered!
Our Northwest Suburban inventory level has increased slowly every month without fail. You've got slightly more competition now than earlier this year so be sure to price your home accordingly. We are still in a 'balanced market' but competition will become more relevant over the next few months.
And those Prices? Prices have virtually stayed flat for December but increased 1% overall from 2013. The indicators are showing that the prices will continue to increase but only marginally. Our market is considered balanced but my opinion is that we have too much inventory currently for price increases. This is opposite certain parts of the country where they have had constant increases.
Average Days on the Market tells homeowners how long it's going to take to sell their home! This has varied each month and is also considered balanced for 2014. Each market area is selling differently. If your home is currently on the market for over 90 days though, buyers are telling you to change your price or change your condition. Market time is down 29% from 2013 which is a distinct improvement.
It's Confirmed - We've been improving but overall sales have now stalled. There is much talk about first time buyers not coming into the market which has caused this slowdown. Others have disagreed saying the problem is with financing's harsher standards and the inability for buyers to get their downpayments. And some are blaming the cold weather (like me).
All markets are now officially behind 2013 sales totals.
Looking for an agent that's knows the market? I can zero in to your specific area and give you the current market details so you can make an informed decision and help your home sell faster. My experience plays an important role. I'm one of those unique people that will tell you how the market really is explaining the good with the bad.
Looking for a home in the area? Please give me a call or email me to talk about the possibilities. You will need current market strategies to get you into that new home.
November 2014 Report
Sources: MRED December Stats 2014