Hoffman Estates IL Homes - Market Update for Jan. to March 2017

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Real Estate Agent with RE/MAX Suburban
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Hoffman Estates IL Homes | Hoffman Estates IL Real Estate | Housing Market Stats for January to March 2017

Looking for current and concise market information for Hoffman Estates IL Homes?  You've come to the right place and I've actually been seeing a constant improvement over hoffman estates IL homesthe 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 IL Homes has been steadily decreasing. We have 5% less in housing inventory then we did a year ago. The tables have finally turned in the sellers favor!

hoffman estates IL homesMove-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.

Another indicator that the Hoffman Estates IL market is improving is the number of homes that go under contract each month. Numbers here are average with 22 to 30% of homes going under contract.  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 market hoffman estates IL homesneither 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 67 to 101 days. Most homes are selling quickly actually 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 IL homesThe 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 Home, 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 Home, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.



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lyn sims remax suburban  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324
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Rainer
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Noel Mayer
FAIRMOUNT REALTORS - Montclair, NJ
YOU'RE RIGHT AT HOME WITH NOEL

  thank you for sharing this valuable local area market update on home sales in the Hoffman Estates IL. market. 

 

Apr 16, 2017 02:07 AM #1
Rainmaker
1,527,606
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Thanks for the comment Noel Mayer 

Apr 17, 2017 05:15 AM #2
Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Lynn - this is a very informative report.  Buyers and sellers will appreciate this information.

Apr 23, 2017 06:28 AM #3
Rainmaker
1,224,546
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

I like your comment about buyers and "losing out" on properties they are interested in, Lyn Sims ... it seems the only way for many to learn this lesson is to suffer through it once or twice.  The reality becomes pretty clear after that ..

Gene

Apr 26, 2017 09:32 AM #4
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Rainmaker
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Lyn Sims

Schaumburg IL Real Estate
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