WHY IT'S AN EXCITING TIME TO SELL
WEST SUBURBAN CHICAGO–The 2018 spring market is moving at a fast pace, and even though our featured realtors are busier than ever, we were able to catch up with each of them to get a glimpse of what’s happening in the local area real estate marketplace. It certainly is an exciting time!
One major trend is low inventory. In fact, inventory in Naperville is down -19% according to Penny O’Brien with john greene Realtor of Naperville. “Some homes are even selling within days of hitting the market,” she says.
“Naperville is not the only city experiencing low inventory,” she added. “Geneva has -25% less inventory than last year, while Wheaton and Downers have an average of -16% less inventory.” Prices have also jumped a bit throughout the western suburbs, which is a positive trend to see.
Penny says, “Naperville’s average sales price has jumped a modest +2.9%, while Wheaton average sales price is up +4% and Downers has climbed up over +7%! Geneva isn’t far behind with +6.5% increase in average sales price.” That’s exciting news for the marketplace and homeowners looking to list their home this spring.
Christine Thompson, Broker Associate with Baird & Warner, agrees. “Homes are flying off the shelf if priced $500k or under,” she says. “Don't be shy to pay over list price – or you may continue to miss out on good homes and have to live with the left overs.”
One major trend The Pickens and Placko Team of Baird & Warner sees is that buyers want to move into homes that are modern and updated without having to do any renovations themselves. “Spring sellers need to prepare their home for the market by decluttering, painting in current colors where necessary, and staging the home to show its best,” Margaret Placko says.
“While it is a seller’s market, sellers’ need to price their home at a fair market value from the beginning and be flexible to accommodate for all showings of their home, especially at the start of the process,” she added.
Daniel Firks, a featured realtor inside Glancer Magazine for over 5 years, and Team Leader for Defined Realty Group in Naperville concurs that supply is finally catching up with the demand and the shrinking inventory is contributing to a healthy price boost in the starter level home. He reminds buyers that although interest rates are slightly higher than 2017, they are still historically low.
Overall, it’s a robust and busy real estate market in west suburban Chicago. Homes are selling fast and at higher than average prices, making this year a great time to list your home. Happy selling (and buying, for those who are in the market)! –Kristen Kucharski