Hoffman Estates Townhome & Condo Market - Jan. to March 2017

By
Real Estate Agent with RE/MAX Suburban
https://activerain.com/droplet/52WM

Hoffman Estates IL Townhomes | Hoffman Estates IL Condos | Housing Market Stats for January to March 2017

Looking for current and concise market information for Hoffman Estates IL Townhomes & Condos?  You've come to the right place and I've actually been seeing a constant improvement over the last year.  Interest rates have been low with great affordability and more and more people realizing that it's cheaper than rent.

Let's talk about a few different market facets here - the months supply of inventory for hoffman estates townhomes & condosHoffman Estates IL Townhomes & Condos has been steadily decreasing. We have 31% less in housing inventory then we did a year ago. This is unprecedented. The tables have finally turned in the sellers favor!

Move-up buyers have been watching and waiting to move up to that larger home and also take advantage of these interest rates.  Just one problem - some people still can't sell their current home. Some people are still in the red due to the last few years slow appreciation. Same conditions for people that want to downsize.

hoffman estates townhomes & condosAnother indicator that the Hoffman Estates IL market is improving is the number of homes that go under contract each month. Numbers here are also unprecedented with 38% of townhomes going under contract in March.  In the first time home buyer price point under $200,000 there have been multiple offer situations on most properties. The market is heating up and buyers can't believe that this is truly happening. Lose out on a few homes and your strategy will have to shift.

I'm positive about the market in Hoffman Estates and you should be too!  It's been constantly improving from the number of homes that go under contract each month to the average sold prices.

Please remember that during the past year we have transitioned from a balanced markethoffman estates townhomes & condos neither favoring sellers or buyers to a sellers market. Homes will be flying off the market (don't look at those market times ...) in our full spring selling season. First time and move-up buyers are going to have a rough time with multiple offers which is happening now more and more frequently. Buyers are no longer in control of the market.

What about those Days on Market?  That is currently a little confusing at 64 to 66 days. Most homes are selling quickly within 30 days. There will always be some homes that take longer. If your home has not sold within the first 30 days I would say that buyers are telling you your price is too high or they do not like your condition for the price. Buyers do not want to do any work or do the least amount for that price. Does that include your home?

hoffman estates townhomes & condosThe graph on average prices does indicate that prices are on the rise but can change each month according to obvious sales. 

If you are thinking of buying a Hoffman Estates IL Townhome or Condo, I will act as your advocate and 'buyers agent'  for your purchase. An experienced veteran, like myself, can steer you around all the rough patches, advise a strategy and help you take advantage of current buying trends.

If you are researching this update to possibly sell your Hoffman Estates IL Townhome or Condo, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.



Hoffman Estates Townhome Search
Hoffman Estates Village Profile
See how Hoffman Estates Townhomes & Condos have adjusted over the last 10 years

Posted by

 

lyn sims remax suburban  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Illinois Cook County Hoffman Estates
Groups:
2017 Market Trend Reports
Tags:
hoffman estates il townhomes
hoffman estates il condos

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
495,579
Noel Mayer
FAIRMOUNT REALTORS - Montclair, NJ
YOU'RE RIGHT AT HOME WITH NOEL

Thank you for this informative post; it was very insightful! T

Apr 14, 2017 03:27 PM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,526,521

Lyn Sims

Schaumburg IL Real Estate
Need help with Schaumburg Area Real Estate?
*
*
*
*
Spam prevention

Additional Information