What makes a Market Expert? I’m sure to each of you reading this it would take a different answer. The dictionary describes an expert as: ‘having, involving, and displaying special skills or knowledge derived from training or experience.’ With that said, let’s begin talking about the Schaumburg IL Real Estate Market Place of which I have been part of for the last 20+ years.
What is going on really? This post started with trying to update the consumer with numbers that they can both understand and use with regard to area home sales. With all the bad press that the real estate market is getting on the news and now with Freddie Mac and Fannie Mae failing badly, most people want to know what will happen now?
Since I don’t know the outcome yet on how it can effect our marketplace, let’s talk about what I do know - right now - and what has happened with market conditions for January thru June 2008.
People always ask me “Lyn, how many homes are selling?” Well that seems to make a difference in what area or subdivision you live in. It’s really not an evasive answer. Each area and subdivision is totally different! Here’s what I do know about the Schaumburg market –
Single Family Homes
Schaumburg averages 6 home sales a week. The 1st quarter sales were only 4 homes per week but since May 1st there seems to be a spark of excitement that has the average up to 7 homes per week. That's good news! Now since July 1st we’ve tapered down to only 3 sales a week. Summer time traditional slowdown is possible.
Median
Price was $321,000 for the 1st quarter of
2008. Seems lower
than usual to me but
then most of the market surge has been with first time home buyers. Median Price
since May 1st to the present
is
$313,000 which shows a further slowdown.
Single Family numbers work out to 298 homes on the market with 26 going under contract for June. That is a little under 9%. This means that only a little under 9% of homes on the market have sold every month in Schaumburg!
Multi-Family Homes – these are the townhomes, quads, coach homes, manor homes and condos that everyone is familiar with in our area.
Schaumburg Multi-Family is averaging 13 sales per week during the 1st quarter. Then since May 1st there seems to be a decline in sales to only 12 per week which coincides with the above single family numbers.
Median Prices were $183,000 for the 1st quarter of 2008. Since May 1st the prices are on the increase to $192,000. This means a larger supply of homes in the higher dollar range have sold to bring up the median price number.
There were a total of 569 homes for sale and 50 went under contract for June. This means that only a little under 9% of homes on the market have sold every month in Schaumburg!
My goal every month for all my
clients is to be sure they
are included in that 9% every month. How
can they do that?
- They should be priced competitively against their competition!
- Shows well with my staging techniques that I provide all my clients!
- Can move quickly if need be – seller flexibility is key!
Can my home really sell? My answer is – you bet! You just have to be a little more flexible and a little more patient in this marketplace and do a lot more work! The buyers are out there!
What's your main reason to move? 15 Reasons why People Sell their Home
6 Common Problems that Spook Buyers
Top Selling Subdivisions by Price Range
Top 5 Selling Subdivisions (Multi-family)
10 Ways to Make Buyers Hate Your House
Schaumburg - A great place to live!
Lyn Sims at RE/MAX Suburban
(847)230-7324
Northwest Suburban Chicago Areas of Schaumburg, Hoffman Estates, Elk Grove Village, Medinah, Itasca, Roselle, Bloomingdale, Carol Stream, Bartlett, Streamwood, Hanover Park, Elgin, South Elgin, St. Charles.
© 2007 - 2010 Lyn Sims
