This is the place to get those Northwest Suburban real estate questions answered!
What does 2015 have in store for our real estate market? First off, the housing inventory is now the highest it has been since the recession started. More people are now trying to sell their homes so that will benefit sellers where the market is booming but a detriment to those where the market has not yet quite recovered. Competition is a major market factor with prices increasing in other large national markets & a detractor for a Midwest market like ours. We have just not recovered as quickly as other national markets.
Our Northwest Suburban inventory level has increased slowly every month since October without fail. We are still in a 'balanced market' but competition will become more relevant over the next few months.
And those Prices? Prices have virtually stayed flat for January but increased 2% overall from 2014. The indicators are showing that the prices will continue to increase but only marginally. Our market is considered balanced but my opinion is that we have too much inventory currently for price increases.
Average Days on the Market tells homeowners how long it's going to take to sell their home. This has varied each month and is also considered balanced for 2014. Each market area & subdivision is selling differently. Buyers are telling sellers to change their price or their condition if your home is currently on the market over 90 days. Market time is down 21% from 2014 which is a distinct improvement.
There is much talk about first time buyers not coming into the market which has caused this slowdown. Others have disagreed saying the problem is with financing's harsher standards and the inability for buyers to get their down payments. And some are also blaming the blizzards & cold weather.
Pundits are divided on whether interest rates will increase as predicted in June.
Looking for an agent that's knows the market? 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.
December 2014 Report
Sources: MRED January Stats 2015