Real Estate Market Update - Northwest Suburbs near the Schaumburg Area - April 2017
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What are Prices Doing? Average sales prices are increasing ever so slightly and slowly compared to other areas of the country. Every subdivision is responding differently if and 'when' a home in the area goes on the market. I would say that sellers are now pretty happy with prices or have decided that now is a good time to move along. Graph below is for Jan. to April 2017
With our decreased amount of inventory for April we are definitely in a sellers market based on past statistics. Inventory has decreased somewhere between 20% to 50% from 2016. With this low inventory the market should turn toward the sellers favor with price increases. Graph below shows the steady decline in homes for sale since 2008.
If your home is currently on the market for 60 days or more, current 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've got too much work or deferred maintenance. They will just step over your carcass as they head towards another home with a better price or more updates for the price.
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Schaumburg Home Market Summary Jan. - March 2017
Schaumburg Townhome Market Summary Jan. - March 2017