Real Estate Market Update - Northwest Suburbs - October 2015
This is the place to get those Northwest Suburban real estate questions answered!
Our Northwest Suburban inventory level has declined overall but has experienced a slight up tick going in the chilly months. 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 traditionally slower 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 this month 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 in certain areas.
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 October, days on market was virtually the same for both categories.
With this amount of inventory level we are considered a stable market where we don't have too many homes for sale or not enough.
We've been improving but overall sales seem to have hit a speed bump through October which is making me concerned. Increases or decreases are indicated by the arrows in the total closed category.
Concerned but Optimistic - the Fed is eventually going to increase the interest rates and the last time this was done it caused the market to bog down. I still believe that the real estate market is at a delicate teetering point and to be honest we really don't need any interference from the Feds. Every 1/4 percent in an interest rate hike will cost buyers money and have a possible effect on our less than enthusiastic 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 October Stats 2015