Predictions on how Schaumburg Real Estate will Fare in 2020

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Real Estate Agent with RE/MAX Suburban
https://activerain.com/droplet/5lJP

Real estate is sure hard to predict so I simply won't do it! I'll tell you what I do know & what I've found out so you can make a decision for your family & needs. 


Different parts of the country experience the real estate market differently. Core Logic does predictions for the year on what larger metro areas are going to see increases in 2020. In our Midwest area of Chicago, it is going to be 'very light' as far as price increases. The graph will give you an idea of who is 'hot' and who is 'not'.

schaumburg area real estate



As of October 2019, 31% of buyers are first time buyers. That's a pretty decent chunk of business to follow & attract. Sellers should pay attention as 1 out of 3 buyers might not know how to work a hammer. These buyers want homes in move-in condition. If yours is not, the buyers will move along to another one with more updates & less work to do.

Sales of distressed properties & short sales are only a slim 14% of the market currently. I follow the stats just to be sure that I don't miss possible increases here. In fact, every winter we become heavy with foreclosures. I think the banks finally think about selling around October. Good for buyers, not so good for the banks as the market is slower. If you are looking for a foreclosure - this is the time to do it.

Now as I am writing this I am grinning ear to ear. Why? Zillow made a prediction that 2020 will become a buyers market according to their next market forecast. I will take that with a grain of salt, just like I would the accuracy of their home zestimates.

If we do not experience a glut of inventory as per their predictions, we will still do well in 2020. 

schaumburg area real estate

 

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lyn sims remax suburban  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324
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Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Lyn Sims a buyers market won't happen overnight.... I'm thinking 2020 will remain similar to 2019..... we had a healthy year....of course, I worked diligently to make their phones ring, and I think we'll be doing more target marketing... 

Dec 20, 2019 12:50 PM #1
Rainer
308,708
Nicholas Crane
Woodland Companies - Cadott, WI
Managing & Appraising Forest Land

Hi Lyn, Thanks for sharing the information on this community, I hope you sell many of these properties. 

Nick  🏡

Dec 20, 2019 03:57 PM #2
Rainmaker
3,437,903
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Lyn. Even with 20/20 vision predictions are still a crap shoot! Enjoy your day!

Dec 21, 2019 06:03 AM #3
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Rainmaker
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Lyn Sims

Schaumburg IL Real Estate
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