It depends on your horizon. Are you looking to sell some time this year, next year or longer? What are your goals if you sell, will you be buying up or down? It may be more of a question as to what your goals are than trying to predict the bottom of the market. My suggestion is that you consult with a professional on these questions before you make any decisions about the market.
I think you should hold on a bit more, but that's just my opinion!
Going by the number of homeowners behind on their mortgage currently, it is hard to say that the market has a positive aspect to it in the future. It's hard for a Realtor to suggest sell or wait, but ask for MLS data and you can make the decision for yourself. It's difficult to determine what is expected because we are trained to base things off of what is active and sold, not what is coming.
I hope this helps, it's a tough situation.
Here's July's complimentary Market Snapshot for Oak Park, showing days on market, local real estate trends and inventory counts. It may be time to look closely at all your options, while you still have choices. I hope this is useful info!
Here's this month's complimentary Market Snapshot for Oak Park, showing days on market, local real estate trends and inventory counts. I hope this is useful info!
Here's an updated Market Snapshot, for your review. This Snapshot was created from listings effective today, December 19, 2010
I'll be happy to email you your own personal Market Snapshot Report, every 2-4 weeks if desired, at no obligation, of course. Happy Holidays!!
For homes in Oak Park listed above $800K, there are 15 currently active and 27 Solds over the past 6 months. Average days on market is 3-4 months, with a sales price of #340. per square foot (average).
These 4-5 bedroom detached SFR homes have a minimum of 2500 sf, up to 3900 sf.
MLS Data is as follows:
Listing $ = $1,138,613
SqFt Listing = 3202
Pr/SqFt = $357
DOM/CDOM = 112/120
Sale $ = $1,053,889
Selling Pr/SqFt = $340
Here's a convenient Market Snapshot, which includes recent sales activity in Oak Park: http://www.marketsnapshot.info/MSReport/RTMSMain.aspx?cnsmr=
There are many 'intangibles' behind this data, such as whether homes were fixed up or not, special amenities and the like. We have the local market expertise to help you interpret this information fully. If you'd like to see a specialized trend chart and graphs for sales in Oak Park over the past 2-3 years, broken down by monthly or quarterly stats, just drop me a line.... Good luck in your research!