Naperville IL real estate listings and homes for sale, home buying, home selling information – THE RUFF HOUSING TEAM

DAWG'S BLOG

Local Market Stats....Talk to me....

October 6th, 2007 6:04 PM

Local Market?

Here's this months numbers for the local area ....(If you need numbers for another community...just email me shane.ruff@cbexchange.com and I'll post them for you.

What are the numbers telling us? It's still a buyers market ....rates are still good (around 7% for 30 yr fixed for the Ave. Joe....) Lot of inventory to choose from...

By The Numbers...

For September 2007 Single Family Detached Homes (Information courtesy of MLSNI)

Naperville

Active Listings:984 (as of 10/01/07)

Sold(9/01/07-09/30/07):102

Months Supply(Act/Sold): 9.64 Months

High Sold Price: $1,060,000

Average Sale: $500,299

Average Market Time: 10

Sept. 07 Top Subdivision (sales): Tall Grass(8) ,Maplebrook(5)

www.NapervilleHomeSeller.com

Aurora

Active Listings: 1159 (as of 10/01/07)

Sold (9/01/07-9/30/07): 98

Months Supply(Act/Sold): 11.83 Months

High Sold Price: $745,000

Average Sale: $229,182

Average Market Time: 111

Sept. 07 Top Subdivision (sales):Oakhurst (8) GreenHills (4)

www.AuroraHomeSeller.com

Plainfield

Active Listings: 1001 (as of 10/01/07)

Sold (9/01/07-9/30/07): 74

Months Supply(Act/Sold): 13.52 Months

High Sold Price: $800,000

Average Sale: $294,961

Average Market Time: 126 Days

Sept. 07 Top Subdivision (sales): Grande Park(6),Cumberland (5)

www.PlainfieldHomeSeller.com

Oswego

Active Listings: 336 (as of 10/01/07)

Sold (9/01/07-09/30/07): 25

Months Supply(Act/Sold): 13.44 Months

High Sold Price: $477,000

Average Sale: $303,826

Average Market Time: 142 Days

Sept. 07 Top Subdivision (sales): Churchill Club (4)

www.OswegoHomeSeller.com

Talk to me.....tell me what you're seeing out there?

-"Dawg"-

Posted by Shane Mann Ruff on October 6th, 2007 6:04 PM

Agree or Disagree? It's a Great time to buy Real Estate!

October 22nd, 2007 11:01 PM

Ok Gang...here's an article from Paul Pastore...(it's all his...! just giving props here....) Some intereting ideas and thoughts here....c'mon...chime in! -Dawg-

The Top Ten Reasons It's a Great Time To Buy Real Estate!

by Paul Pastore

Selection, selection, selection. There are about 57,000 resale homes on the market in Maricopa county(Phoenix). Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 5,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.
Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
Location, location, location. Today's buyers can find homes closer to work. In the past buyers flocked to Maricopa and Queen Creek in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!

Posted by Shane Mann Ruff on October 22nd, 2007 11:01 PM