Maitreyee, Both Buyer and Seller in Northwest Suburb

how much has housing prices dropped in schaumburg IL in 2007-2008?

Asked by Maitreyee, Northwest Suburb Mon Mar 24, 2008

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The place I picked up in Schaumburg was a turn key property and not a foreclosure. It actually is a very sought after area for Townhomes in Schaumburg. The owners were smart enough to know that if they wanted to sell quicker rather than sit on the property for a buyer that may or may not have seen the value in the townhouse then they had better price the property correctly. Now, I am seeing other properties dropping by 5% in this same development.
0 votes Thank Flag Link Mon Mar 24, 2008
That's a tough question as each subdivision is different. It took me awhile to find the stats for Schaumburg mult-family from the last CMA I did just last Saturday. The results:
Supply & Demand from Febr 08 is 240 listed 20 under contract or 8.3%. Out of 240 available only 20 homes went under contract for Febr 08. Months of Inventory in Febr 08 is 9.8. Average Days on Market is 125 that went under contract. 5% under list price for under contract.
In IL housing prices are up at $198,768 median price. Chicago is up also at $264,271 median price. So the Chicago Suburban area is actually OK compared to other markets across the US.
Question can't be throughly answered without knowing the subdivision first, your location & pretty much everything else about your subject house. That would mean a complete CMA so that you could find out what?
Web Reference: http://www.LynSims.net
1 vote Thank Flag Link Tue Mar 25, 2008
8.2% average across the country. your area may differ slightly.

anyways

good luck
1 vote Thank Flag Link Mon Mar 24, 2008
The figures that are boiling out are that they are generally about from 8-12% below their peak values, depending on the price range,decor,updates,location and marketing done to sell the house. There has been some good housing news lately and I think the time to buy is within the next 6 months for best selection and pricing. We may see appreciation next year.
Web Reference: http://www.realtybob.com
0 votes Thank Flag Link Wed Aug 13, 2008
The prices in Schaumburg vary. You may be able to pick up a foreclosure for less than market value, but in other areas, prices are still above average. It depends on where you're looking.
Web Reference: http://www.idamccarthy.com
0 votes Thank Flag Link Mon Mar 24, 2008
I just purchased a townhouse for $25k under market in Schaumburg. Prices are dropping. Since Chicagoland did not have the large apprecitation gains that the West and East Coast did you will not see the same drops. However, Chicagoland did see some great gains the last 4-6 years and I believe that you will see these adjusted down a good deal.

Good Luck
0 votes Thank Flag Link Mon Mar 24, 2008
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