Elk Grove Village Illinois Homes - $450,000 and up - Is anything selling? Update for the Luxury Home Market
Well, to answer your question, YES! There have been 8 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 8 sales, 5 homes were built before 1988. Out of those 5 sales, 4 mentioned that they were totally remodeled (see great kitchen pictures) and had reasonable market times..
Out of the 8 sales, 3 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 $768,767 and the average days on the market for this group is 176. There are a few sales that have been only on the market for 23 to 35 days which is EXCELLENT considering all the bad market press that we've gotten recently.
List price to sales price ratio has been from 97% to 98%. That equates to 2% to 3% off the stated list price. The normal ratio used to be around 3% during the 'good old days' so that is absolutely FABULOUS news for the Elk Grove market!
My advice after offering this research is buyers do not want to do any work! As I reported previously in other posts, buyers are going to pick the best house for the lowest 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!Wanna see the RE/MAX Market Share in Elk Grove?
Lyn Sims (847)230-7324 at 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 Elk Grove Village, Schaumburg, Hoffman Estates, 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 Northern IL, January-December 2008 Closed Sales in coop with MRED.
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.
Elk Grove Village Illinois Homes 450,000+ and up - Is Anything Selling? - 2008 Lyn Sims www.RealEstateConsumerInfo.com
Lyn, great update. Yes, homes ARE still selling despite what the media reports. Your list to sales price is good. We are seeing about 93% here.
Gary: This is EXCELLENT compared to the surrounding areas of Schaumburg which is 91 to 95%. So they are truly doing well and should be pleased! I was surprised that there were alot less sales than Schaumburg had, but sales non the less.
Hey, great post. Thanks for the information about your area.
Thanks Brian for stopping by, happy sales to you in 2009.