Vernon Hills Real Estate Trends! Judy Greenberg interprets the Vernon Hills real estate data in 2008

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Real Estate Sales Representative with Coldwell Banker Long Grove

Vernon Hills Real  Estate Trends in 2008 compared to 2007

Are you curious as to what Vernon Hills Sales  were in the first 7 ½ months this year versus last year?

Whether you are in the market to buy a home or to sell your current home, it is important to keep abreast of market statistics (or at least to work with a knowledgeable REALTOR who does). Newspapers, national magazines, and television news report on regional and national trends, but don't do a very good job of explaining the local real estate marketin Vernon Hills   The number of new housing starts nationwide or the percentage increase in foreclosures or short sales in the entire state have very little, if any, bearing on how quickly Vernon Hills home in the luxurious neighborhood of Gregs Landing is selling.

Everywhere I go these days, people are asking me the same question, how is the real estate market doing?   My answer is always dependent  on where or in which segment of the market  you are talking about?  For example, the first time home buyer market is as strong or stronger than ever.  Those people who were renters and don't have anything to sell are strong buyers and sellers in this market can sell their home relatively fast.    Also homes in desirable neighborhoods, can sell within a few days if the homes are situated in a great location, updated and aggressively priced.   

Do you live next door to someone who just sold their house and  you wanted to know the sales price?Since it would be considered a faux pas to ask your new neighbors what they paid for their home, just click on the neighbor's house  green buttoncomplete the data on the form including the entire address and I will be happy to provide  you with the information you are looking for. 

 Vernon Hills Real Estate Sales  from January 1 2008 to August 15, 2008Vernon Hills Real Estate

Vernon Hills Real Estate Sales from January 1 2007 to August 15,2007Vernon Hills Real Estate

 

What can we conclude from these two charts.  In 2007  122 houses sold compared to only 89 houses that sold in 2008.  This difference is significant.   The average selling price for Vernon Hills Real Estate was $500,962 compared to only $494,123 in 2008.   This is such a slight difference.  The figures also show  that it takes over 20 days longer to sell your home in 2008 than it did in 2007. Lastly, in 2007 the homes were selling at an average of 96% of the asking price, and in 2008 they sold at 94% ofthe asking price.  This statistic does not mean as much to me since who is to say what is the right original listing price.

There are currently 136 homes in the market in Vernon Hills.   The following is a complete  list of  homes active in the Vernon Hills market over $800,000.Vernon Hills Real Estate Most of these homes are located in Gregs Landing

You can do the math... It would take over a year for all the homes in Vernon Hills  to sell, and that's not including any new listings  that would come on the market.   In order for your home to sell, it has to be agressively priced, something you may not want to hear from your realtor.  This year I sold a home in Vernon Hills for top dollar in less time than any other home in the area.  I staged the home, and priced it correctly. Two key ingredients of selling fast.  The third is hiring a great realtor....

Additionally,  I recommend that you give yourself plenty of time for the home to sell.    You will get more for your home, when you aren't rushed or are in the position that you have to sell.  One of my clients sold  their home last year even though their new home wasn't going to be built until next year.    They said that the idea of selling for top dollar was very important to them. By putting the home on the market with time to spare, I marketed the home for top dollar, and in record time.  With the price they received, they didn't mind that they had to do an intermediary move.

If you sell your home and need to do an intermediary move, one of my clients in Vernon Hills is renting out their luxurious penthouse condo

If you want more information regarding specific real estate sales in the Vernon Hills area please do not hesitate to call me at 847-602-5435 or email me at info@buffalogrovehomes.com .   I can help you in the purchase or sale of a Vernon Hills Condo, Vernon Hills Townhouse, Vernon Hills single family home or a Vernon Hills rental.   I am available 24/7 to make appointments!

 

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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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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Judy, the Vernon Hills area, especially the sweet spot 4 bdrm home market, looks fairly robust to me. Great presentation with colorful tables as well. You are very good in this area and always have all your facts at hand.

Aug 18, 2008 05:28 PM #1
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Kelly Sibilsky
Licensed Through Referral Connection, LTD. - Lake Zurich, IL

Hi Judy. Great job interpreting the data for the public. What many sellers fail to grasp is that aggressively priced and top dollar can mean the same thing. It's not top dollar for 2004...it's top dollar for 2008. If they can understand that basic difference, then they will be successful!

Aug 20, 2008 03:23 AM #2
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Judy Greenberg

Coldwell Banker - Buffalo Grove - Long Grove Homes
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