In the western Chicago Suburbs, are starter homes selling well?

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

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Josie Morris…, Agent, Lisle, IL
Fri Oct 15, 2010
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. 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.
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Sue Hedlund, Agent, WHEATON, IL
Thu Jul 10, 2008
I noticed that you are a home seller in Wheaton, so here are the statistics for Wheaton. In the "Starter Home" category, which in any home under $300,000, there are 97 properties listed, of which 20 are under contract. In the 300-400K price range, there are 90 homes total, of whihc 16 are under contract, in the 400-500K category, there are 87 homes total, of which 14 are under contract, in the 500-600K category, there are 57 homes total, of which 10 are under contract, in the 600-800K category, there are 55 homes total, of which 8 are under contract, and in the 800K and up category, there are 84 homes total, of which 6 are under contract, So, it is hard to say if starter homes are selling well, it is all relative, but yes the starter homes are selling better than the more expensive homes. However, in the "good old days" which were just a few years ago, more than 50% of the starter homes would be under contract, rather than just 20%. This is a tough market, you need a top real estate professional to help you accomplish your goals.
0 votes, , Wheaton-Glen Ellyn
Wed Jul 9, 2008
About 10 per month are selling, about 20% are currently under contract. Condo's and town homes not included.
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Sue Hedlund, Agent, WHEATON, IL
Thu Jun 5, 2008
Ironically starter homes in the 0-$299,999 bracket are not selling as well as the homes in the $300,000 to $499,999 bracket. They are lagging in market time by about a month or so. If you would like to get accurate statistics, go the site which is a group of appraisers that specialize in the Western Suburbs, Bob Headrick and Chip Wagner. They publish a quarterly report that will show you the average market time, amount of actively listed homes, and the "months of supply". You will find their site very informative!
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Dave Eisley, , Dupage County, IL
Sat May 31, 2008
Currently, in DuPage county, there is about 10 months of residual inventory on the whole (6 months is normal, 10 months indicates a strong buyer's amrket). Typically, lower priced homes are selling FIRST. One key component to this is that first time homebuyers are back in the market since prices have come down and interest rates are still extremely low. These are the kind of homes they are looking for.
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Julie Michael, Agent, Glen Ellyn, IL
Thu Apr 24, 2008
Starter homes are having a tougher time on the market with the mortgage industry tightening their requirements. You need to be priced aggressively, look like a model home and offer some incentives to the buyer! What about a 2/1 buy down? You could cover closing costs? Please call or write me if you have questions on how these things work!
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Mark Roncone, , Naperville, IL
Sat Apr 19, 2008
I believe that starter homes are selling well. There always seems to be more real estate transactions in the lower price range. Most people don't stay in a starter home very long so there tends to be more turnover.
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Jennifer, , Aurora, Naperville & Plainfield
Thu Apr 17, 2008
Some would say no because it has gotten tougher for those potential first time home buyers to obtain a loan-others would say yes because the prices are great & qualified individuals can still get a loan with a decent rate. I say if you have to sell your home then market your home as best as can be done & be patient!
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