The 2015 Spring Housing Market Approaches: Are you on target?
I’ve shared this with my local clients and I’m happy to pass it along to you. It is no secret that the number one reason why a home doesn’t sell is price. But if you’re lacking visitors, offers, showings and drive ups as well, the property is more than likely over priced by 12% or more. If a property gets some visits and showings, then it is closer to hitting the sweet price point, roughly between 6 to 12% over the purchase price. Finally, if a home gets plenty of showings and visits but no offers, it is likely over priced just by 4-6 %. Dropping the price 1% at this point will often open the floodgates to hesitant buyers. Keep in mind too, that the longer a home sits on the market, the less appealing it looks to buyers. Consider a new market comparison at the 90 day mark to see if anything has changed in your specific neighborhood.
While the Chicago markets are not back to their previous levels, there are plenty of buyers who are ready and willing to purchase great homes this spring. Despite the frigid winter, homes sales have continued without fail.
Want to know more about your home’s current market value? Ask a Realtor for a current market report and find out what’s really going on in your neighborhood.
Are you in the Fox Valley area? Contact me below to get a personal review of your home, no strings or commitments.
Jennifer Kinzle, e-PRO Broker
Charles Rutenberg Realty, Elgin Fox Valley