OCTOBER 26, 2010
Christine Moscinski is a Broker Associate and Team Leader of The “House Hunter’s Team” at GOBBER Real Living Realty Serving Chicago's Western Suburbs
In reading and closely watching the market, news reports from Case-Schiller, RealtyTrac, Reuters, etc. the market in the west suburbs seems to be at an almost standstill these past two months. I am noticing the MLS "Back on Market" seems to pop up more often now than ever.
I personally drive the west suburbs regularly and have noticed over the past 2 months 96% of every Realtor sign I see posted has "PRICE REDUCED" or "NEW PRICE" on every block. This shows me that the market here isn't bouncing back anytime soon.
The fact is, market times are longer but home sales are expected to move a little faster next year and by 2012 most foreclosure deals will be gone. If you as a Seller are lucky enough to be in a prime real estate location - your home may sell faster because "location, location, location" still rings true. If you own prime real estate in this situation, you shouldn't have a problem in a down market.
I believe in general and overall the Chicago's Western Suburbs will see prices drop in certain areas while increasing slowly but steadily in established communities. Illinois unemployment rate is at 9.9% and this will definitely affect home sales but those that know these prices wont last long are definitely going to take advantage.
MY TOP PICKS FOR SUBURBS WITH BEST DEALS & INCREASING PROPERTY VALUES ARE:
1. Westchester, IL - Deals under $199,00 2-3 bedrooms
2. Downers Grove, IL - Deals Under $299,000 3-4 bedroom
3. Woodridge, IL - Deals in great subdivisions under $365,000 3-4 bedroom
Serious Sellers, albeit with angst, should price thier homes at market because they absolutely will not sell at 2005 prices. The Buyer's own the game right now - It's clearly a Buyer's market. Today's Buyer's want a great price and pristine, move in ready home as well as all the concessions they can get away with. Buyer's that are out there are doing their homework; they know the market and know it very well.
So if you plan on listing your home, make sure it is priced right for today's market and in good shape. Declutter and repair the small things that need to be done and pay extra attention to curb appeal.
Sometimes you only get one chance with a prospective Buyer, so make it count.
List your home early come Spring 2011 (January instead of May), I believe we will start to see a lot more competition out there going into the new year!
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