Streamwood IL Real Estate Market Conditions
You
know what makes me crazy? Market
graphs that don't tell you what is really going on in the real estate
market. Let me tell you what I've noticed from the
local media and alot of my own
real estate compadres recently - graphs that point to
the past! Yes we are down from
2006 and 2007 but do you really care if you have to sell your
home now? I am thinking you are reading this
post because you want to sell your house NOW - TODAY - OR SOON!
BUT CAN YOU? WHAT CAN YOU EXPECT? So I've decided to talk about what has happened RECENTLY, in the last 6 months of the market. That is the best 'current time' that I can do. No sense talking about the past or what market increases you are not experiencing NOW.
Remember that old song by the Grass Roots? Sha-la-la-la-la-la live for today!
This graph represents all the single family homes for sale in Streamwood at the current time (288 total). What the graph depicts is a steady decline in homes on the market since the 3rd week of August. Currently there are 4% less total homes on the market since the beginning of May 2008.
That is good! In order for the market to correct itself and prices to stabilize we need less homes on the market. For September 2008 - there are 12.7 months supply of homes on the market. In a 'good' market there is an average of around 6 months supply. So obviously we have over twice that amount for a healthy market place to exist.
What is the percentage of homes in Streamwood that go under contract every month? 6.3%
Are people taking their homes off the market with the holidays approaching? YES
Are people renting their homes instead of selling them if they
can afford it? YES
Should people take their home off the market if they don't have to sell it? YES - PROBABLY - I bet you didn't expect me to say that!
Are people making bad financial
decisions regarding their home because they are scared of
current market conditions on Wall Street? YES
Is it a good time to buy a home? YES - there is alot of 'good' houses at great prices.
Are there alot of 'deals' to be had? YES - so get going and get one. Please call me so we can get started today!
Are there alot of foreclosures in the area? YES and NO - The media has definitely brought your attention to the situation hasn't it? There are only a small percentage of homes in Illinois currently in default, 95% of people are not in foreclosure according to statistics.
If my house is on the market now, am I really competing with foreclosures too? YES - if they present themselves as a deal, buyers will scoop them up first. Most people are looking for a deal, but not all deals are foreclosures.
This is a whole 'new ball game' for 2008! Care to join me on the field? I can help you figure out what is happening with your local market and help you decide what would be the best financial decision FOR YOU!
