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 Schaumburg at the current time. What the graph depicts is a steady decline in homes on the market since the 2nd week of August. Currently there are 17% less 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 - 12 months supply of homes on the market. In a 'good' market there is an average of around 6 months supply. So obviously we have twice that amount over a healthy market place in times past.
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.
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!
Lyn Sims (847)230-7324 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 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.
Schaumburg IL Market Conditions©2008 Lyn Sims - RealEstateConsumerInfo.com 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.
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