Home Selling in 60187>Question Details

Designbay, Home Seller in Wheaton, IL

What is the average time on the market for Wheaton, IL this year?

Asked by Designbay, Wheaton, IL Wed Apr 16, 2008

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Josie Morrison-Broker ABR,CRS’s answer
A great question, the answers will vary. Alot of variables play into how long a home will take to sell in a buyers market. All the media reports is about the bad news. Foresclosures are rising, shadow inventory, high unemployment rates will continue, now with the foreclosures freeze from alot of major banks. The good news it that there are alot of buyers out there and homes are selling in many areas. Wheaton has always been a high demand area and contiunes to fair better than most areas in terms of homes selling. To be successfull in selling your home you need to consider 3 things. Price, condition & location. If your priced better than your compitetion, your condition is great & you have a great location in Wheaton than your home will sell.
0 votes Thank Flag Link Fri Oct 15, 2010
It depends on the price range of the home: $0-299,999 is 164 days, $300-499,999 is 174 days, $500-999,999 is 271 days, $1,000,000 to $1,999,999 is 248 days. These figures could be modest, since we now re-instituted a policy where the realtors can cancel a listing and then relist it immediately and it will erase the cumulative market time. It is not uncommon to see homes listed for 2 years, but they may have pulled off market for the holidays and then relisted, etc. I always check the "Property History" of any specific home to see how long it truly has been on the market. In my 23 years of experience, I have found that the only homes that are selling in this challenging market are the ones that are priced very competitively and/or the ones that are professionally "staged". I have an interior designer that will go into my listings and offer suggestions to the seller as to how to make their home show the very best, often re-arranging furniture, repainting in soft neutral colors, replacing light fixtures, sometimes replacing flooring, changing or eliminating window treatments, etc. Basically, your home needs to show like a "model home" or it needs to be priced right to sell.
0 votes Thank Flag Link Thu Jun 5, 2008
There is currently 8.8 months of inventory in Wheaton (6 months in normal), which should affect your price around -5%. The average days on market is just under 80 days, compared to 64 days in April 2007, and onl 37 days in April 2006. Right priced homes are still selling quickly.
Web Reference: http://www.weichert.com
0 votes Thank Flag Link Sat May 31, 2008
Why do you want to sell your house? The market is not very good for selling right now.
0 votes Thank Flag Link Thu Apr 17, 2008
Designbay
Please note the answers carefullly. Particularly days on market. What you are not being told is that listings that sell in the first 30 days sell closest to askiing price. The longer they sit, the greater the gap,. so in my MLS at 120 days that gap is 93.6%, and that is AFTER a price reduction or two.

So price it right
0 votes Thank Flag Link Thu Apr 17, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Thank you for the additional information. In the last 3 months there have been eight 3 bed/2 bath homes that sold in Wheaton. The fastest sale was 6 days the longest market time was 356 days with the average being 178 days. I could throw numbers at you all day but of course your home has it's own set of good & bad selling points that will affect market time & sales price that you get. To get a real number your home needs to have a CMA done as well as a detailed walk through. In addition the way your Realtor markets the home can affect how quickly it sells. I would suggest interviewing a few Realtors to see who you match up with the best. Feel free to give me a call-I grew up in Wheaton! Best of luck!
0 votes Thank Flag Link Thu Apr 17, 2008
Go to my link to save 10% off your POD.
0 votes Thank Flag Link Thu Apr 17, 2008
Jennifer,
We have a 3 bed/2 bath trilevel. Unincorporated, so low taxes. About 2000 sq ft. It is in good, but not excellent condition. New kitchen cabinets and floor, updated bath, fresh paint. We are planning to get a POD and clear out to stage the home.
0 votes Thank Flag Link Thu Apr 17, 2008
Can you give us more information on the type of home you want to sell-number of bedrooms, baths, condition of the home, or maybe square footage? With that information I can give you a better understanding of how long it would take to sell your home.
0 votes Thank Flag Link Wed Apr 16, 2008
The average market time for Wheaton, as of today is 199 days for single family and 185 days for attached housing, which refers to condos and townhomes.
0 votes Thank Flag Link Wed Apr 16, 2008
Wheaton has 70 homes under contract out of 440, many of these are newer listings. Wheaton & Glen Ellyn are doing better than many towns out west but it is still slow over all.
Web Reference: http://www.ekerry.com
0 votes Thank Flag Link Wed Apr 16, 2008
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