Real Estate Market Update - Northwest Suburbs near the Schaumburg Area - February 2017
This is the place to get all your real estate questions answered!
What are Prices Doing? Average sales prices are relatively stagnant compared to other areas of the country. Still just plunking along in the Midwest. Average Days on the Market pretty much stayed the same into February too.
With our decreased amount of inventory for February we are definitely in a sellers market based on our statistics. Inventory has decreased from 19% to 47% from 2016. With this low inventory the market should turn toward the sellers with price increases this coming spring market. It has to happen.
If your home is currently on the market for 60 days or more, those buyers are telling you something & you best listen. They are giving you feedback either on your condition, your price, or your location. With inventory this low there is no reason not to get an offer but buyers are not going to pay your price if you are holding out. They will just step over your carcass as they head towards another home with a better price or more updates for the price.
Can't give away Down Payment Money it Seems - There are many great down payment assistance programs available that I can get buyers through my valued mortgage partners (see below). Check them out or pass this along and share with someone who might need this kind of help. Some of these programs offer 1% to 5% help based on your criteria. It's not really complicated but I will have to say that buyers are so leery of these offers they are thinking they are bait & switch. They aren't ..... so don't be so skeptical that it costs you big money.
About those Interest Rates - Here's a quote from one of my valued partners, Gene Walters at Home Trust Mortgage (847)217-7030 about what is going on currently.
"In November, prior to the election, a 30 year fixed rate sat at 3.875% for a buyer with 20% down and 720+ credit. For a $200k loan amount, the principal and interest payment was $940.37 a month. Right after the Inauguration, rates went to 4% for that same buyer. Principal and interest for that same scenario went to $969.30…$14.46 a month higher. As rates stand today, we are at 4.25%. Principal and interest would be $983.88 which is $43.51 more prior to the election."
In the blink of an eye, buyers are now paying a minimum of $43.51 per month because they didn't plan on getting started this early in the season or they were asleep at the wheel.
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 help you connect the all important real estate 'dots' that will make the process easier.
Looking for a home in the surrounding Schaumburg area? Please give me a call or email me to talk about your questions. Let me help you with current market strategies to get you into that new home.
Valued Mortgage Partners
Gene Mundt at American Portfolio Mortgage (815) 524-2280
Dominic White at Guaranteed Mortgage (847) 619-5484
Gary Walters mentioned above at (847)217-7030