Real Estate Market Update - Northwest Suburbs - October 2014
This is the place to get those Northwest Suburban real estate questions answered!
Our Northwest Suburban inventory level has increased slowly every month since June. You've got slightly more competition now than earlier this year so be sure to price your home accordingly. Overall inventory across Illinois is up over 2013.
What about Prices? Prices have virtually stayed flat for October but increased overall from 2013. All real estate is local so each different neighborhood and town is reacting differently to the market. Some subdivisions still have not had any sales since reaching market bottom. Can't have any prices increases if there are no listings to sell! Some sellers still cannot sell because prices cannot be substantiated for an appraisal.
Average Days on the Market tells homeowners how long it's going to take to sell their home! Each market area is selling differently. If your home is currently on the market for over 90 days, buyers are telling you to change your price or change your condition!
With this amount of inventory level we are in what's considered a stable market where we don't have too many homes for sale or not enough.
We've been improving but overall sales are still stifled - interest rates are great and some buyers are still sitting on the fence. All markets except Bartlett are still behind 2013 sales.
Looking for an agent that's a true market expert? I can zero in to your specific area and give you the current market details so you can make an informed decision and help your home sell faster. My experience plays an important role. I'm one of those unique people that will tell you how the market really is explaining the good with the bad.
Looking for a home in the area? Please give me a call or email me to talk about the possibilities. You will need current market strategies to get you into that new home.
Sources: MRED October Stats 2014