Hoffman Estates Illinois Homes - $450,000 and up - Is anything selling? Update for the Luxury Home Market
Well, to answer your question, YES! There have been 33 sales so far this 2008 year for the $450,000 and up single family market. What are some
marketing tips that you might
want to know about if you are planning on selling your home?Out of the total 33 sales, 8 homes were built before 1999. Out of those 8 sales, 4 mentioned that they were totally remodeled (see great kitchen pictures) and had reasonable market times.
Out of the 33 sales, 25 homes were built after 2000. They are considered 'newer' homes offering most of today's features that buyers request. Hardwood floors, stainless steel appliances, open floor plans with 'Greatrooms', fireplaces, crown molding, basements, remodeled kitchens, remodeled baths, 3 car garages, brick facades.
There is still a good amount of new construction and 'nearly new' available in Hoffman Estates to choose from most averaging around the $525,000 mark. We also have an abundant supply of 55+ and over subdivisions with plenty of great features with no maintenance involved.
The top selling price has been $620,000 and the average days on the market for this group is 105. Average Sales Price is $501,150. There are a few sales that have been only on the market for 23 to 35 days which is EXCELLENT considering all the bad market press that we've gotten recently. There was one sale that had to spoil the whole thing at 486 days!
List price to sales price ratio has been from 94% to 98%. That equates to 2% to 6% off the stated list price. The normal ratio used to be around 3% during the 'good old days' in a brisk market.
My advice after offering this research is buyers do not want to do any work! As I reported previously in other posts, buyers are going to pick the best house for the lowest price with the least amount of work involved!
NO WORK involved. NONE being zero. No wallpaper removal, no painting, and for heavens sake no kitchen remodel! I’ve also noticed
that buyers are becoming
'overwhelmed' with the process remodeling entails even in their
heads. So a warning to all sellers reading this
– your agent is not making this stuff up! Buyers do
not want to remodel your house! They don’t want to
change the 80’s wallpaper that you don’t even like
any more!Interested in seeing the RE/MAX Market Share for Hoffman Estates?
Lyn Sims (847)230-7324 at RE/MAX Suburban
Email her at: LynSims@remax.net
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Hoffman Estates, Schaumburg, Hoffman Estates, Roselle, Elk Grove Village, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
Sources: MRED MLS Northern IL, January-December Closed 2008 in coop with MRED.
Disclaimer: All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.
Hoffman Estates Illinois Homes 450,000+ and up - Is Anything Selling? - 2008 Lyn Sims www.RealEstateConsumerInfo.com
© 2010 Lyn Sims
Hi Lyn its great to read that your market is moving. I have several friends and family in the McHenry County area. My sons who are now in college were born at Hoffman Estate's medical Center and my Girls were born in Barrington. Do you sell homes in the McHenry County area? Crystal Lake, Mc Henry, Woodstock,Lake in the Hills Etc? Let me know I would be happy to introduce you to the friends and family I have in your neck of the woods! Happy New Year!
Suzy Britz
Lyn, what awsome pictures of the kitchen. I love it.
Suzy: Yep get up there on a regular basis but not as far north as McHenry. Would be glad to help anyone that you know in the area! Lake in the Hills, Huntley with all the new construction and huge inventory is really taking a beating as far as prices. Since everything is newer, it shows fairly well. People are also moving in closer because of the drive and the past whopping gas prices too.