How is the real estate market doing so far in 2018?
For August, how are prices doing?
Remember that every subdivision and town 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. What about you?
Sellers or Buyers Market?
Our real estate market is still considered a sellers market but inventory has increased over the last month by 1%. It's too early for the winter market slow down so don't worry.
If your home is currently on the market for 30 days or more, buyers have given you feedback on your condition, 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 that price. Buyers want the house with the least amount of work! I see & hear it every time I show property. Your particular subdivision will have it's own unique number.
Is it true that we are headed for another mortgage collapse?
No, in fact we have successfully recovered but still 10 percent of active mortgages nationwide were “seriously underwater,” meaning the combined outstanding loan balance was at least 25 percent higher than the property’s estimated market value. The states with the highest percentage of seriously underwater mortgages included Louisiana, Illinois, Missouri, Mississippi and Ohio.
How long to sell again?
As mentioned above, days on market (down to 27) & sales fell for July. It is the same for August & has been this way for many years. No one can explain the summer slowdown that happens. In Schaumburg, closings were up 20% over last year.
Why are or aren't sellers moving?
There is a trend being seen that people in Illinois are selling & moving to states with lower overall taxing bodies. Especially in the Cook County area, most homeowners are sick of the constant tax increases with very little value seen. Another underlying trend is when children are finally out of the house the largest tax portion of the bill is for school districts. Why pay when your kids are grown & on their own?