How did the Buffalo Grove Illinois real estate market perform in 2008 compared to 2007?
If you compare average selling price of homes in 2007 versus 2008, there was only an approximately 4% decrease in average selling price of homes in Buffalo Grove. Additionally, it only took people on average 20 additional days to sell their home in 2008 versus 2007. In 2007 it took on average 120 days to sell a home in Buffalo Grove and in 2008, the average market time in Buffalo Grove was 140 days.
Do you feel that a 4% decrease in the Buffalo Grove Real Estate Market accurately reflects the current market?
I don't feel the 4 percent decrease accurately reflects the entire picture, especially for homes sold in the last quarter of 2008. If you just compare the average selling price of homes in both December 2008 you will see a much more substantial decrease than the 4%. For example, the average market time of a selling a home in December was 208 days compared to 140 days for the year's average. The reasons for the discrepancy in the last quarter of 2008 can be attributed to the stock market taking its dive and consequently buyers losing their down payments, the amount of Buffalo Grove foreclosures and short sales hitting the market, and the mortgage companies tending to be more conservative in lending money.
Is now a good time to buy a home in Buffalo Grove Illinois?
If you are a buyer whether it be for your dream home or for investment, now is the time to buy. There are real bargains on the market right now. Buyers are in the driver's seat and can be very aggressive in their offers, especially if you have good credit and don't have a house to sell. If you are move up buyer, you will actually do well. Although you have to price your home at a discount, you will be getting a bigger discount on the more expensive home you will be purchasing.
When is it a good time to sell a home in Buffalo Grove Illinois?
Although I don't predict a full recovery in 2009 or unfortunately even in 2010, if you need or want to sell your home this year, I recommend these pointers to sell your home for the highest price in the least amount of time.
. Plan ahead- I recommend that you give yourself plenty of time for the home to sell. Even if you aren't planning to move until late summer or early fall, I recommend that you put your home up for sale in early spring. You will get more for your home, when you aren't rushed or are in the position that you have to sell.
. Hire a local realtor- they will be the most knowledgeable about all the nuances, schools, foreclosures, etc in your area.
. Hire a realtor with the best internet presence- if you found them on the internet, so will the potential buyer of your property
. Clean and Stage your home. (Most realtors can give you advice on those areas will give you the most bang for your buck..
. Most of all, price your home aggressively!
If you want more information regarding specific real estate sales, foreclosures or shortsales in the Arlington Heights, Buffalo Grove, Long Grove, Vernon Hills, Lake Zurich, Lake Forest and Lincolnshire area, please do not hesitate to call me at 847-602-5435 , email me at info@buffalogrovehomes.com
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