Hoffman Estates IL Homes - How long will it take to sell?

By
Real Estate Agent with RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago
http://actvra.in/f5T

Hoffman estates homes,hoffman estates IL real estate,Welcome to the roller coaster ride for Hoffman Estates Homes!  In this gyrating edition of June's market update I'm going to decipher for you the current market trends (cause that's what I do) and tell you about time on market.  A more complex word that some use might be 'absorption rate'.  So how long will it take your Hoffman Estates home to sell?

Let's begin with the use of the economic basic of supply and demand. Obviously in this market we have too much supply. When that happens the time it takes to sell your Hoffman Estates home also goes up. Buyers have a tremendous amount to choose from on the market but don't be fooled they are 'ready to pull the trigger' if they see something they want!

Pricing your home correctly in the beginning has many advantages as these graphs will illustrate to you. The best sales time is in the first 30 days of your townhomes listing life. Price is the dominate factor in getting your home sold, then condition for that price.

Twenty seven (27) Hoffman Estates homes or 26.5% of the market sold in the first 30 days. That's terrific for our area! Success percentages become less as the market times become higher (time to check the graph). At 150 days on the market, your Hoffman Estates home is basically dead in the water.  At 200+ days on the market your for sale sign now says 'rest in peace'.

Hoffman estates homes,hoffman estates IL real estate,


In fact to drive this point 'home', there are Hoffman Estates homes that finally sold after being 940 or more days on the market. Yes, I rechecked all these market times (that's 2 years 7 months) because I thought it couldn't be possibly correct. My calculator unfortunately was not wrong! Many of these homes had 20%, 30% or MORE in price reductions off original list before they finally sold. Don't be one of these sellers that just didn't get it right!

Hoffman estates homes,hoffman estates IL real estate,Days 1 to 30 - No price reductions and sales prices were 2% to 10% off list price. A few sales were at list or OVER list price on foreclosures up to 3%.

Days 31 to 60 - Many townhomes had reductions of at least 5% but a majority reduced from 15% to 25% off their original price.

Days 61 to 90 - All homes had reductions in this category also from 2% to 20% off their original price.  After 60 days on the market a price reduction is warranted no matter what the market's like.

From 90 to 120 - All reduction percentages are in the high teens and twenty's. At this stage of marketingHoffman estates homes,hoffman estates IL real estate, time, sellers begin to wonder what is wrong with their home.

From 121 to 150 - Sellers seem to be in a fog about what to do about their price. All reduction percentages are in the high teens and twenty's. This is the smallest segment of the graph which is troubling. This is where sellers start to 'chase the market' downward. Instead of being 'in' the buying mix with a correct price, sellers are continuing to change the price downward while other sellers also change their price. Talk about a slippery slope!

From 151 to 180 -  This is where the real roller coaster ride begins for sellers. What to do? Price changes over 20% as buyers are just saying 'no' to the sellers price.

So based on this information if your Hoffman Estates home is priced correctly from the start there is a 42% chance of your home selling within the first 120 days like these other sellers did.

The Price-Time Graph shows that over-pricing your Hoffman Estates home initially can have a serious impact, not only for time on the market but also on your bottom line. Your sales net is tremendously effected in lost time and lost value.

Hoffman estates homes,hoffman estates IL real estate,




Looking for an agent that's really a market expert?  Let's get your Hoffman Estates home on the market and priced right to sell!

Looking for a home in Hoffman Estates? Please give me a call or email me to talk about the possibilities.


Market Update for Northwest Suburbs


Bookmark and Share
Sources:
Debe Maxwell, Charlotte NC Contributor and Top Agent 
MRED June Stats 2011

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Illinois Cook County Hoffman Estates
Groups:
Market Reports
Local Real Estate Market Reports
Local Expert
I Don't Suck
Tags:
hoffman estates homes
hoffman estates il real estate
hoffman estates realtor

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
667,972
Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ
Yikes ! And many owners get caught in that rut of always 'chasing the market' with their stingy price reductions or mis-pricing, and they just get more frustrated as time goes on. Tough roller coaster ride indeed !
Jul 17, 2011 03:18 PM #1
Rainmaker
844,686
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

Sheldon:  That's what I call the 'stall out phrase' where you're dead in the water, start reducing the price but you are only barely keeping up with the competition that is doing the same thing. You never really 'move' either way of your competition.  Bad way to sell your home.

Jul 18, 2011 05:33 PM #2
Ambassador
791,125
Robert & Lisa Hammerstein
Keller Williams Valley Realty - Hillsdale, NJ
Bergen County NJ Real Estate

Hi Lyn,

Very nicely done!  Love the roller coaster ride analogy.  Sellers don't always want to hear the truth about the market because they believe that there is something that you can do to change it for them.

Jul 24, 2011 07:18 PM #3
Rainmaker
844,686
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

Bob:  Sad but true in this market. So far we are having 3 months of good activity but market times are still high.

Jul 25, 2011 05:49 PM #4
Post a Comment
Spam prevention
Show All Comments
Rainmaker
844,686

Lyn Sims

Schaumburg Homes
Need help with Schaumburg Area Real Estate?
*
*
*
Spam prevention

Additional Information