Long Grove Illinois- Where oh Where did the Buyers Go?

By
Real Estate Sales Representative with Coldwell Banker Long Grove

Where are all the buyers? 

That's exactly what I'm hearing constantly from the sellers in the Northwest Suburbs of Chicago.     Homes that should have 6 showings a week, have only 4 showings this month. 

   a. Are the potential buyers scared that the market is still going to get worse?  b. Are the potential buyers  renting instead of buying?  c. Are the potential buyers trying to sell their homes first?  d. Are the potential buyers afraid to put their home on the market for fear they can't sell   e.  Do the potential buyers want to buy but they can't qualiy to obtain mortgages   f. all of the above.

 If you answered f you are correct!

Yesterday alone, I received 2 calls and 3 email leads all from transferees looking for homes. I was so excited when I answered the phone or checked my email, just hoping that one of these leads would want to see one of my listings for sale.  Unfortunately, not one of the leads  wanted to buy- all of them wanted to rent either my townhome for rent at $2000, other townhomes in the area. or my spectacular ranch on the pond for over $5000 a month.  Don't get me wrong, I love working with rental clients. 

Due to the lack of  actual buyers, last month in Long Grove, only 6 homes closed.  Note the discrepency between the listing price and the selling price.  This means that the buyers who were looking got an unbelievable deal.   Buyers... if you are out there,  you too can find an unbelievable house for an unbelievable prive.

If you do the math the  most expensive house in Long Grove sold at 61 percent of the original asking price. 

So if you buyers are out there, why aren't your buying? Is it one of the reasons listed above?   This is the strongest Buyers Market to hit the Chicagoland area in at least 20 years.  Don't wait anymore!  In my opinion,   You are missing your best opportunity to buy a home in at least 20 years!  Currently, there are 123 homes in Long Grove to choose from. 

Long Grove Closings  May 2008

Street Number Street Name Listed Price Sold Price Total Rooms Bedrooms Baths
7057 Osage $375,000 $325,000 8 4 1
7051 Osage $449,000 $424,000 9 3 2.1
5537 Oak Grove $625,000 $582,000 9 4 3.1
1510 Sumter $797,000 $675,000 9 4 3
7248 Greywall $875,000 $755,000 10 4 4.1
8091 Breckenridge $899,000 $825,000 13 6 5.1
4818 Kathleen $1,595,000 $975,000 11 5 4.1
             



 

If you want more information regarding specific real estate sales in the Buffalo Grove, Long Grove, and Lincolnshire area, please do not hesitate to call me at 847-602-5435 or email me at info@buffalogrovehomes.com   I am available 24/7 to make appointments!  I also specialize in Luxury homes.  Check out my new relocation website at www.buffalogroveareahomes.com

 

 

Posted by

The above blog post was written by Judy Greenberg.

 

If you are looking to buy or sell a home in the Chicago Northwest Suburbs, you have come to the right place...  Call or text me at 847-602-5435
 


THE JUDY GREENBERG GROUP

Coldwell Banker Residential Brokerage
THE GROVES OFFICE
4192 IL Route 83 #F – Long Grove, IL 60047
847-602-5435

info@buffalogrovehomes.com
 

Oh, by the way, I'm never too busy for referrals!

 

 

 

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Rainmaker
290,082
LaNita Cates
REMAX of Joliet - Joliet, IL

You are 100% correct Judy! I just had a buyer say "I think I'll just rent another year or two" and I laughed! I told her it was obviously her choice but she was really missing the boat!

Jun 08, 2008 03:23 AM #1
Rainmaker
388,769
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

I actually think renting right now is a wise choice with falling asset prices.

Jun 08, 2008 03:26 AM #2
Ambassador
1,889,448
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Judy, I would agree with your answer f) all of the above with regard to the tentative nature of buyers and the few buyers in the market. I would throw in the shaky economy now with jobs and this never ending rise in gasoline prices. I know in the Chicagoland area your gas prices are REALLY high. I think people want to buy, but they have to sell, they have to qualify, many things need to line up. Our area is seeing the increase in rentals too. Wow, 61% of original asking price. That is a steep drop!

Jun 08, 2008 07:25 AM #3
Rainmaker
100,900
Lisa Ryan
Callaway Henderson Sotheby's International Realty - Montgomery, NJ
Selling Princeton,West Windsor and Montgomery Town

Judy~ unbelievable bargains there.  I would wonder what is making the buyers hesitiate as well.  Is the local economy OK ? The other issue is the domino effect, if buyers can't sell their existing homes they can't move up and so on and so on. Hope things improve!

Jun 08, 2008 02:32 PM #4
Ambassador
1,024,330
Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation

I think you're right - "f" is the answer.  That's quite a drop from list price to sold price!

Jun 08, 2008 02:45 PM #5
Rainer
139,927
Kelly Sibilsky
Licensed Through Referral Connection, LTD. - Lake Zurich, IL

When are we going to have breakfast???

Jun 09, 2008 12:45 PM #6
Rainer
139,927
Kelly Sibilsky
Licensed Through Referral Connection, LTD. - Lake Zurich, IL

Oh, and great job w/Long Grove stats! :)

Jun 09, 2008 12:47 PM #7
Rainmaker
340,220
Judy Greenberg
Coldwell Banker Long Grove - Buffalo Grove, IL
Coldwell Banker - Buffalo Grove - Long Grove Homes

La Nita,- I think you are right- you can get a good deal now.

John- If I were to buy something, it would have to be a great deal

Mr Gary,  I'm talking that everyone wants to rent- even if they have already sold

Lisa, thanks for commenting- I also hope things improve, but for now I'll take care of my renters.

Margaret, I can't wait until the renters turn to buyers

Kelly, Thursday at 8:00.  How about it?  You know the place.

Jun 09, 2008 02:03 PM #8
Ambassador
1,889,448
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Judy, wow I thought the sellers would buy again. If they want to rent next they are really unsure about the future of the economy or their incomes have gotten shaky and qualifying again is hard. I haven't seen that in our area ~ Mr. Gary (Master franks and beans chef, part time math tutor, and sweetie to little girls).

Jun 09, 2008 03:43 PM #9
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Rainmaker
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Judy Greenberg

Coldwell Banker - Buffalo Grove - Long Grove Homes
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