Market Conditions in Wheaton>Question Details

Zb7779, Home Seller in Wheaton, IL

Wheaton Market and Wheaton Realtors

Asked by Zb7779, Wheaton, IL Sun May 17, 2009

Hello All.
What is up with Wheaton real estate market in 2009? Same time last year (Jan – Mar) there were almost twice as much sales. I am hearing that housing is picking up across the country yet it seems not much is moving in Wheaton. I am thinking about putting my house on the market but when I check the numbers, it seems like nothing is selling between the price ranges of 400k - 500k. Is spring 2009 season dead in the water?
Also, every time I speak to a realtor all they can suggest is drop the price. Why can't they tell the buyers that prices have bottomed. Why keep pressuring the seller who actually pays for the commission and not educate the buyer that they need to make the move? All this drop the price methodology has not worked for bring the buyers out. I see some people have dropped their prices to 2003 levels and still have not buyers. Why keep dropping prices if there are no buyers? I just do not get this strategy. It makes buyer to be on the sidelines forever thing that p

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Marketing has a lot to do with attracting a buyer at top prices. If your agent can't provide a solid marketing plan to attract the best price for your home then you're better off not placing it on the market with that agent.

Sure, price is a major factor when selling your home. However, you need to have an honest discussion with a top agent to make sure you accomplish your goals when selling your home. An agent should not always just suggest a 'price drop'. There may be other reasons your home is not selling than merely price along. In the long run that could cost you a lot of money.

If you still need help contact me at anytime. I'd be happy to discuss your situation in a very professional manner that has your best interests in mind.
0 votes Thank Flag Link Mon Apr 29, 2013
http://www.Groves-Realty.com
I am with Coldwell Banker in Wheaton.
0 votes Thank Flag Link Sun Feb 24, 2013
Here are a few resources to show you how RE/MAX ranks in your area. I would be more than happy to speak to you about purchasing or selling real estate. gatesloth@gmail.com

Wheaton "Listings Sold" - http://media.reliancenetwork.com/dynamic/realestate/company/…

Wheaton "Sales Made" - http://media.reliancenetwork.com/dynamic/realestate/company/…

Wheaton "Total Transactions" - http://media.reliancenetwork.com/dynamic/realestate/company/…
0 votes Thank Flag Link Fri Jan 4, 2013
I agree the market is slow, however the agent should narrow down the search. As a seller it is difficult when a potential buyer comes back 5 or more times, just because they get confused, and continue to compare homes.
Stick to basics of "what does the buyer want in a home, location, and price". It is a buyers market, but they should not dictate the market.
0 votes Thank Flag Link Wed Sep 9, 2009
The Wheaton Market is showing signs of recovery, 99 single family homes sold in the past quarter. This was down considerably from 138 homes that sold 9-12 months ago, but it's almost double the 50 odd homes sold each of the previous 2 quarters. Some of this is seasonal, but if you are willing to offer your home well priced for the current market, you have a reasonable chance of selling. Listing Market times have decreased to 88 days from 112 over the past 6 months.

Also are you planning to buy somewhere else soon? Many would be Sellers, are afraid to sell now because of the the drop in prices, but unless you are downsizing or moving to one of the few areas not hit by similar declines, it should be a wash or could be a buying opportunity. If you are going to buy again, I suggest you also focus on what you can purchase today.

Good Luck !
Web Reference: Http://PushPinRealty.com
0 votes Thank Flag Link Mon Jul 27, 2009
Hello Home Seller,

The bottom line is that the value of a home is not set by you as the owner or your agent (if you are using one). You only set the list price. The value of your home is determined by what a willing buyer is willing to pay that is also acceptable to you as the seller.

For the sake of simplicity, I will only talk about detached single family home statistics here. It is still a buyer's market in Wheaton as evidenced by the 24 months of inventory on the market. This number is based on a 6 month moving average of sales as of the end of June 2009. This is higher than the overall inventory level for DuPage county which has 20 months of inventory on the market. Markets with 9 months of inventory or greater are considered buyer's markets. While sales are up 30% from May to June (which is part of a typical annual cycle), they are down by 13.8% from the same period last year (Jan - Jun) for DuPage county.

As far as price reductions go, if your home is priced competitively when compared to similar homes, you should not feel compelled to do a price reduction. You should however be prepared to wait a while. In today's market, more than 50% of the buyers are first time home buyers. If you are not in their price range, there are not as many buyers out there. You need to make sure that your home is in the best condition and the best value out there in order to attract a qualified buyer. Regardless of the price point of your home, every buyer is looking for a good deal. And in today's market, that usually means price. So pricing is very important.

Another key to a home's value is its affordability. This includes factors that affect a buyer's ability to purchase a home including their job situation and their ability to obtain financing (ie. having good credit scores, having sufficient down payment and in some cases qualifying for a jumbo loan). In today's economy, these factors have impacted the buyers for the higher priced homes signicantly.

You have a good point about showing 100 homes to buyers. This sounds excessive. If the buyer's agent understands what their buyer's wants and needs are for their new home, has had their buyer pre-approved for financing, and has kept up with the market inventory themselves, they should be able find the right home for their buyer in a dozen or so showings.

Have a great day! Vince
0 votes Thank Flag Link Wed Jul 8, 2009
I agree with Jim (EKerry). Tho' I have to say that lately, many of the buyers really don't listen to what we say. They only listen to what the media is telling them.........which is what they want to hear.
Web Reference: http://www.marybremer.com
0 votes Thank Flag Link Sun May 17, 2009
About 15% of the homes in the MLS for 60187 are under contract. That should be 30-35% or even 50% in a very robust market. Homes over $500,000 are moving slower than ever before, It comes down to condition, location and price.

I would price it for today's market, but I do not push price reductions. Price reductions only show weakness and give buyers an edge over you and the price you want.

I think some Realtors have lost there way and need to get back to the basics of how to sell real estate. Match buyers and sellers without waiting for the MLS to do all the work. Open houses, drop off flyers to each real estate office in town. Use civic groups, church's ect.
Web Reference: http://ekerry.com
0 votes Thank Flag Link Sun May 17, 2009
Continue:
prices will drop more.

One other request I have is please stop showing 100 homes to buyers. This really confuses them and makes it hard for them to make a decision. Yes, there is a lot of inventory but that shouldn’t mean endless showings. I think each buyer should not be shown more than 15 houses to choose from. Realtors should do their home work and also check to see if buyer is actually “Pre Approved” and stop wasting people’s time. There are just too many “recreational” buyers out there.
0 votes Thank Flag Link Sun May 17, 2009
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