Real Estate Market Update in Schaumburg - January 2018
So let me answer your real estate market questions --
What are Prices Doing? Average sales price ($331,000) has actually declined slightly from
January 2017. Before you get upset please remember that every subdivision is responding differently if and 'when' a home in the area goes on the market. Sellers are now pretty happy with prices or have decided that now is a good time to move. How about you?
With our overall amount of inventory we are in a sellers market. Inventory has decreased 39% from 2017 overall. With this overall low inventory, price increases have to be expected. I would definitely say that the market has had a stall-out with homes taking longer to sell. The fastest market is never during the winter months.
Homes going under contract have increased over 2017 by 8%. Market time for under contract is 129 days. This is definitely confusing isn't it? Low inventory but yet houses are languishing on the market for over 90 days?
If your home is currently on the market for 30 days or more, buyers have given you feedback 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 gravitate towards another home with a better price or more updates for the price.
Look for an agent that can connect the dots.
Look for an agent that knows the market.
Contact me for questions on your neighborhood and the most current market details so you can make an informed decision.
Hey, want your home to sell faster? Let my experience help guide you along the way.
December 2017 Report
Comments(0)