Real Estate Market Update - Northwest Suburbs - September 2015
This is the place to get those Northwest Suburban real estate questions answered!
Our Northwest Suburban inventory level is now declining overall since June. You've still have to price your home right & stage it to sell if you want to sell quickly as we are going into the winter months. I have noticed that sellers are having huge price reductions very frequently in order to compete with other sellers.
What about Prices? Prices have virtually stayed the same during this 3rd quarter but increased overall from 2014. All real estate is local so each different neighborhood and town is reacting differently to the market. Recovery can be slow as some subdivisions & some models still have not had any sales since reaching market bottom. Can't have any prices increases if there are no listings to sell!
Average Days on the Market tells homeowners how long it's going to take to sell their home! Each market area is selling differently. If your home is currently on the market for over 90 days, buyers are telling you to change your price or change your condition! For September, days on market was up for both categories.
With this amount of inventory level we are in a stable market where we don't have too many homes for sale or not enough.
We've been improving but overall sales have slowed through the 3rd quarter which is making me concerned. All markets are now behind 2014 sales.
Looking for an agent that's a true market expert? 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.
Sources: MRED September Stats 2015