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Streamwood IL Real Estate - Housing Market for April 2012

How to describe this market for Streamwood IL Homes? We have actually been seeing an improvement for the last 12 months.  It still feels sluggish with extended market times, erratic movement, and unpredictable both for buyers and sellers.  Interest rates have never been lower with affordability being the best it's ever been.  But buyers are still pensive and definitely not pulling the trigger very fast which then frustrates sellers!

The months supply of inventory for Streamwood IL Homes has been steadily decreasing and is an asset for recovery. We have 29% less in housing inventory then we did 12 months ago.  When there are many homes on the market it becomes more competitive and prices are forced downward.  Currently Streamwood has experienced an inventory drop from 4.6 months to only 2.9 months. This has never happened before. We have never had inventory this low without it becoming a sellers market and bidding wars begin.  Is this a sign that balance is coming soon for our market?

Another great indicator that the Streamwood IL market is improving is the number of homes that go under contract each month. Currently we are between 16 to 23%. This is terrific and has never been higher!

What's positive about the market in Streamwood?  Inventory down - contracts are up. It's been constantly improving from the number of homes that go under contract each month but average prices are bouncing up and down.  It's good to see a forward momentum going into the summer months.

Let me remind you that during this past year the lower end homes are selling first which brings down the average prices for the whole market.  The more foreclosures entering with the lower prices makes the cycle continue.  Buyers are being 'enticed' by all the REO's and foreclosures because why should they buy the same home for $30,000 more?  Banks are now giving two year home warranties and paying mortgage points too.

Move-up buyers have been wanting to move up to a larger home and also take advantage of the interest rates and great prices.  Just one problem - they can't sell their current home.  Same conditions for people that want to down size.  I can only wonder when the market will turn for these buyers.

If you are thinking of buying a Streamwood IL Home, please consider me as a 'buyers agent' for your purchase. An experienced veteran, like myself, can steer you through the 'mine field' on your way to your first or tenth home!
 

If you are researching this update to possibly sell your Streamwood IL Home, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.


Search for Streamwood IL Homes
Streamwood IL Home Foreclosures
Streamwood IL Townhomes
Streamwood IL Townhome Foreclosures
Streamwood Community Overview



Sources:  MRED, Agent Metrics, my little pencil.

Elgin IL Homes - Elgin IL Real Estate - Housing Market for March 2012

How to describe this market for Elgin IL Homes?   We have actually been seeing an improvement for the last 10 months.  It still feels sluggish with extended market times, erratic movement, and unpredictable both for buyers and sellers.  Interest rates have never been lower with affordability being the best it's ever been.  But buyers are still pensive and definitely not pulling the trigger very fast which then frustrates sellers!

The months supply of inventory for Elgin IL Homes has been steadily decreasing and is an asset for recovery. We have 29% less in housing inventory then we did 12 months ago.  Too many homes on the market makes it more competitive and prices are forced downward.  Currently Elgin has experienced an inventory drop from 8 months to only 5 months.  Is balance coming soon for our market?

Another great indicator that the Elgin IL market is improving is the number of homes that go under contract each month. Currently we are between 7 to 14%. This is terrific!

What's positive about the market in Elgin?  It's been constantly improving from the number of homes that go under contract each month to the average sold prices.  I have to be honest, many surrounding towns have recovered faster with less extreme changes in the inventory, sales numbers, average prices each month than Elgin has. It's good to see a solid momentum going into the summer months.

Don't forget that during this past year the lower end homes are selling first which brings down the average prices for the whole market.  The more foreclosures entering with the lower prices makes the cycle continue.  Buyers are being 'enticed' by all the REO's and foreclosures because why should they buy the same home for $30,000 more?  Banks are now giving two year home warranties and paying mortgage points too.

Move-up buyers have been wanting to move up to a larger home and also take advantage of the interest rates and great prices.  Just one problem - they can't sell their current home.  Same conditions for people that want to down size.

If you are thinking of buying a Elgin IL Home, please consider me as a 'buyers agent' for your purchase. An experienced veteran, like myself, can steer you through the 'mine field' on your way to your first or tenth home!

Bartlett IL Real Estate - Bartlett IL Homes -  March 2012 Market Report

How to describe this market for Bartlett IL Homes?   I say it's a roller coaster for some buyers and a boring siesta for sellers! Either way it's more unpredictable this month!

The months supply of inventory for Bartlett IL Homes has been decreasing sharply from December to March.  It has steadily decreased these winter months (usually opposite) to a current 3.8 months supply. Generally this would be an excellent sign for the overall market!  But ..... this should signal that the market is turning into a sellers market based on this inventory level.  But .... it's not!

Again, I think that some sellers have taken their homes off the market and decided not to move or the sellers have become 'reluctant' landlords in order to continue with their future plans. Even though the inventory is less, buyers are still not buying what is currently on the market for sale.  It's like they shrug and go 'uhhh naww, no thanks'. That attitude does not make a brisk improving market!

Sales have been steadily increasing with the low end of the market being the most active.  Buyers are still going after those lower priced foreclosures which offer the best value in their eyes.  There have not been many sales taking place over the $300,000 range which I would consider that 'move up' buyer.

What's positive about the market in Bartlett?  It's been fairly steady with the number of homes that go under contract each month.  Sales are steadily increasing but slowly.  In many surrounding towns there are extreme fluctuations in the inventory, sales numbers, average prices each month. Bartlett's Multi-Family average price has unfortunately just dropped to $69,000 from $110,000.

Move-up buyers have been wanting to move up to a larger home and also take advantage of the interest rates and great prices.  Just one problem - they can't sell their current home.  Same conditions for people that want to down size.

Multi-Family Market - Average Sold Prices for Bartlett Homes

If you are thinking of buying a Bartlett IL Home, please consider me as a 'buyers agent' for your purchase. An experienced veteran, like myself, can steer you through the 'mine field' on your way to your first or tenth home!

Bartlett IL Homes - Bartlett IL Real Estate -  February 2012 Market Report

How to describe this market for Bartlett IL Homes?   Sluggish for some, erratic for others and totally unpredictable both for buyers and sellers.

What's positive about the market in Bartlett?  It's been fairly steady from the number of homes that go under contract each month to the average sold prices. Sales are increasing slowly.  In many surrounding towns there are extreme changes in the inventory, sales numbers, average prices each month. 

Don't forget that during this whole 2011 year the lower end homes are selling first which brings down the average prices for the whole market.  The more foreclosures entering with the lower prices makes the cycle continue.  Buyers are being 'enticed' by all the REO's and foreclosures because why should they buy the same home for $30,000 more?

Move-up buyers have been wanting to move up to a larger home and also take advantage of the interest rates and great prices.  Just one problem - they can't sell their current home.  Same conditions for people that want to down size.

If you are thinking of buying a Bartlett IL Home, please consider me as a 'buyers agent' for your purchase. An experienced veteran, like myself, can steer you through the 'mine field' on your way to your first or tenth home!

If you are researching this update to possibly sell your Bartlett IL Home, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.


Search for Bartlett IL Homes
Bartlett IL Home Foreclosures
Bartlett IL Townhome Foreclosures
Bartlett Community Overview



Sources:  MRED, Agent Metrics

There's been much talk (chatter by the national talking heads) in the media about our Northwest Suburban and Streamwood home values returning to a previous level. I read these reports constantly, day in and day out and wonder to myself 'How do they know this stuff when I don't even know it!'

Real estate is unique in that it is very local in nature. In fact, real estate is so unique it can even be broken down further to say that neighborhoods even in the same town will been effected differently. What happens in one subdivision doesn't necessary happen in another. What effects one subdivisions appeal doesn't effect another that's even similar. So 'painting with a broad brush' is not possible in our Streamwood neighborhoods.

Any Streamwood real estate professional I will challenge because they cannot say with absolute certainty that market prices have fallen 10% or even 20% (you pick the number here). 'Painting with that broad brush' just cannot be done. Many variables have effected your home's values and each subdivision should be considered on it's own merit.

How many short sales have been in the area?

How many foreclosures have decimated prices?

One constant that I will say with certainty is that the more homes for sale in a particular subdivision essentially effects the overall sales prices. The more sellers that compete for the smaller buyer pool effects the sales prices. Each seller is eager to obtain their own goals whether a transfer, death, birth or divorce. It's the economic market standard of supply and demand.

The graph that I present is for the average sales prices per year for Streamwood homes. I've given you a 10 year sampling of prices (MLS closed only) so you can actually see the rise of the market and also the fall. According to this graph, 'prices have corrected themselves' to prior 2000 sales levels.

We need less homes on the market to create the equilibrium for prices to increase in the future.

Market Update






Disclaimer:  NAR (National Association of Realtors) does not provide these numbers to their members. MRED, the area MLS, does not provide this figures which I had to compile for this presentation. I feel confident in their accuracy to report to my readership.

Streamwood IL Homes - Streamwood IL Real Estate - Housing Market for January 2012

How to describe this market for Streamwood IL Homes?   We have actually been seeing an improvement for the last 10 months and are now equal to or above the total sales for 2011. It still feels sluggish, erratic, and unpredictable both for buyers and sellers.  Interest rates have never been lower with affordability being the best it's ever been.  But buyers are still pensive and definitely not pulling the trigger very fast which then frustrates sellers!

The months supply of inventory for Streamwood IL Homes has been very steady and has kept our recovery on an even keel. We have 27% less inventory now than 12 months ago.  Too many homes on the market makes it more competitive and prices are forced downward.  Obviously some past sellers have decided not to move, given up or have become 'reluctant' landlords in order to continue with their plans.  Their housing problem is not solved, only postponed to a future date when the lease expires.  Another thought that's a little more tragic.  Pre-foreclosures are waiting for the legal process to take place, the property seized and cleaned up and then put on the market again for sale.  This hidden part of our market is called 'shadow inventory'.

What's positive about the market in Streamwood?  It's been very steady from the number of homes that go under contract each month to the average sold prices.  In many surrounding towns there are extreme changes in the inventory, sales numbers, average prices each month. Better to be sleepy in Streamwood.

Don't forget that during this past year the lower end homes are selling first which brings down the average prices for the whole market.  The more foreclosures entering with the lower prices makes the cycle continue.  Buyers are being 'enticed' by all the REO's and foreclosures because why should they buy the same home for $30,000 more?  Banks are now giving two year home warranties and paying mortgage points too.

Move-up buyers have been wanting to move up to a larger home and also take advantage of the interest rates and great prices.  Just one problem - they can't sell their current home.  Same conditions for people that want to down size.

Multi-Family Market - Streamwood Homes that go under Contract each month 

If you are thinking of buying a Streamwood IL Home, please consider me as a 'buyers agent' for your purchase. An experienced veteran, like myself, can steer you through the 'mine field' on your way to your first or tenth home!

If you are researching this update to possibly sell your Streamwood IL Home, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.


Search for Streamwood IL Homes
Streamwood IL Home Foreclosures
Streamwood IL Townhomes
Streamwood IL Townhome Foreclosures
Streamwood Community Overview

Sources:  MRED, Agent Metrics, my little pencil.

Slow and Steady goes our Northwest Suburban Real Estate Market for the 10th consecutive month. We are moving ahead with recovery here and sales have successfully reached above the 2010 level of closings. For the month of January, Bartlett Single Family Home closings are now 25% above last year and Bartlett Multi-Family are now up 20% over the same period.  

For Bartlett there are still no price gains calculated with foreclosures still leading the way in current sales.  What is promising is that in a few different surrounding markets the average sales prices are now going up.  If all goes well, our next trend will be for prices to finally level off and slight increases to begin for Bartlett. This also would have to take into account how much inventory we have going into spring and we currently are holding near 6.5 months supply (excellent).  We are at a dangerous teetering point here where we can continue to move ahead or have a stall out and slowdown that will continue through the next few months.

My summary shows slow growth and first time home buyers or investors have decided to jump in the market to snatch up all those townhouses and condos we've got. It's a good idea for investors as most sales prices will equal a positive cash flow.

Bartlett Home supply declined (great) for January at 6.5 months from December's 10.5 months.  Homes under contract was 11% of inventory which was a 83% over last year.

Looking for an agent that knows this fluctuating market?  Give me a call to discuss your housing situation and needs.



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