Schaumburg Illinois Luxury Market - $450,000 and up - Is anything selling?
Well, to answer your question, YES! There have been 25 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 25 sales, 7 homes were built before 1988. Out of those 7 sales, 5 mentioned that they were totally remodeled and had reasonable market times.
Out of the 25 sales, 6 homes were built after 1998. This is where the newer styles are favored more than the traditonal 20 year old homes.
Out of the 25 sales, 6 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.
The top selling price has been $935,000 and the average days on the market for this group is 190. There are a few sales that have been only on the market for 7 to 10 days which is EXCELLENT considering all the bad market press that we've gotten recently. Some homes have had extended market times because they were new construction/teardowns. They usually list these homes when drywalled and then wait for a contract before they actually 'customize' the home to the new buyers specifics.
List price to sales price ratio has widened significantly from 91% to 94%. That equates to 6% to 9% off the stated list price. The normal ratio used to be around 3% during the 'good old days'.
My advice after offering this research - as I reported back in August, buyers do not want to do any work! They are going to pick the best house for the 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!
Lyn Sims (847)230-7324 at RE/MAX Suburban
Interested in seeing the RE/MAX Market Share for Schaumburg?
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 Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, 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, January-December 2008 coop sales.
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.
Schaumburg Illinois Luxury Market 450,000+ and up - Is Anything Selling? - 2008 Lyn Sims www.RealEstateConsumerInfo.com
