Just a note to let you know that the closed homes I pulled was from the past month, not the past year. The 107 homes actually was the total of active homes, under contract, and 2 homes that are temporarily off the market (they may come back on, so I included them too).
My answer was not to say that you needed to be in the lower price ranges, just stating where the activity was.
Thanks

Ka, I'm not sure where Elizabeth from Grayslake got her figures but they are not correct. The Multiple Listing Service stats show 45 detached single family homes sold withing the Village limits of Fox Lake (which extends into several zip codes) in the past 12 months.19 are currently under contract, including a half a dozen over $200,000. There are 83 currently on the market, less than a 2 year supply.

Without looking at your home, I wouldn't attempt to tell you how you compare with those in your area who are trying to sell for $150,000 without success. I don't know what efforts you've made to sell or who you've spoken with but I'd be glad to meet with you and give you a detailed look at the local market and how it relates to your situation. I can't promise what the results will be but I'd be glad to help you examine your situation and evaluate the options.

we bought our place new in 2004 for 218,000 and now there are folks asking in the 150's and nothing is moving. we don't have $50,000 to make up the difference in what we owe and what we can sell for. are there any other options other than renting it out and hoping things get better (what we've been doing the last two years).

Interesting question. I live in Fox Lake, have sold there for 20 years and currently have several properties listed in the town. There is no simple answer. Fox Lake ratio of listed to sold properties is better tha some towns, worse than others. The lower-priced properties are moving rather well when properly marketed. The waterfront market is VERY slow because there is a different dynamic between those Sellers & Buyers. Understanding what you are offering, where the likely buyer will come from and how to position to attract them are important and have changed dramatically in the past year or two. Discuss those issues with your current Realtor and be sure he/she understands that and can represent you well in this difficult market because it won't get much better in the near future but HOUSES ARE SELLING.

Out of 108 homes on the market in Fox Lake there have been only 3 homes that have closed. There are 17 homes under contract. The months of inventory or how many months it would take to sell a home is 36 months or 3 years. The majority of the homes under contract are under 200,000, while only 4 homes were price over 200,000. With the competition being this high you need to price your home to get the activity coming through along with a full marketing program to get you the max in exposure. Of course how your home views will also be a big factor to get the buyers to act once they have walked through your home.
First look at your pricing compared to the competition. You need to be priced to create fear that a buyer will lose the house to another person if they don't act right away.
Make sure that the market that is done on your home shows your house to the best of its abilities. If you are not sure about the competition, make an appointment with your agent to go out and few the other homes in the area. This will let you know exactly how your home measures up.
The inventory rate shows that there are only a small pool of buyers currently in your area, so you need to be the best compared to the other. Hope this helps!

Welcome to the club. I don't know if you're thinking of selling, but if you are and would like my free report "How to Sell Your Home For Top Dollar Fast...In ANY Market" simply send me an e-mail at mstodola@ksgmac.com and I'll get it out to you. There are lots of things we do to combat the slow market and get your home sold.

Good Luck - Mike

Just like almost everywhere else in Illinois...
Peter Schifrin
Realtor®
Express RE Group, Inc.
847 630 6843