This past year had been very challenging for owners of Long Grove and the surrounding towns. The chart on this page is from Wagner Appraisals and the numbers are taken from our Multiple Listing Service.
The monthly supply of homes in Long Grove, Lake Zurich, Hawthorn Woods and Kildeer has decreased in the last 3 months from about 15 months to 12 months on average. What needs to be taken into consideration is that in 3 months 8% of those homes have been foreclosures and short sales.
The days on the market is continuing to increase while the inventory of homes is going down, this can be due to the short sales and foreclosures. So it now comes down to pricing your home right in this market to spark interest in your property, because everyone has a lot of competition out there.
On another note the banks will now only let us use sold properties as comparables from the last 6 months. The short sales and foreclosures are going to affect the bottom line price of your home. While this may not be the news you want to hear, it is very important to understand this when looking to sell or buy a Long Grove home.
If the home does not appraise at the purchase price, the buyer can not get a loan. Please do contact me and I can further explain any questions that you have regarding the buying or selling process. We have the information you need and would love the opportunity to help you out.