Real Estate Market Update - Northwest Suburbs - September 2016
This is the place to get those Northwest Suburban real estate questions answered!
What are Prices Doing? Average sales prices blipped upward slightly but are relatively stagnant compared to other areas of the country. I think that overall we will do well for the year of 2016 but not as well as some areas of the country.
Average Days on the Market increased from the previous month due of August. One thing that most people forget is that if a house closed in September, the buying process actually started 45 to 60 days earlier. April has still been the busiest contract month of 2016.
With our amount of inventory in September we are still in a sellers market for certain property types or price ranges. Prices should be increasing faster based on that lack of inventory but that hasn't always been the case.
Inventory has increased 10% from 2015 and months of inventory has increased to over 5 months for September. This is definately signaling a slow down in the market.
Let's talk Interest Rates - If you haven't been paying attention the 30 year fixed mortgage rates are at a ROCK BOTTOM low near 3.4% with no closing costs. This is a great time to take advantage of these rates by refinancing, moving up or buying that first home.
There are many great programs available that I can get you through my valued mortgage partners. Some of these programs can help you with your down payment. Check them out or pass this along and share with someone who might need this kind of help.
Look at the graph below showing the Historic Interest Rates by Decade and my point is driven home. The payments for the same house in 1970 compared to today's is HALF.
Looking for an agent that's a true market expert? I can zero in to your specific neighborhood and give you the current market details so you can make an informed decision and help your home sell faster and for more money.
My experience plays an important role. I'm one of those unique people that will tell you how the market really is explaining both 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. Let's talk current market strategies to get you into that new home.
August 2016 Report
Sources: MRED September Stats 2016, KCM
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