Real Estate Market Facts 2006

Posted by Judy Orr on Monday, August 21st, 2006 at 11:24am.

cook and will county real estate sales are both downAs a seller in today's market you might be questioning whether the news about the real estate downturn is a bunch of hype which gives your agent an excuse for your home not selling.  I subscribe to a weekly newsletter by the Illinois Association of REALTORS (IAR), of which I am a member.

In one of the articles it states "Second quarter home sales are down 6.1 percent."  Upon further investigating it shows a graph where Cook County sales are down 7.8% and Will County real estate sales are down a whopping 18.3%.

There is some good news.  The median sale price was up an average of 3% in the second quarter of this year.  It was a bit higher for both Cook and Will counties.

This just reiterates the fact that as a seller you need to make sure your property is priced correctly for today's market and it needs to be at top condition in that price range.  Why?  Because with less buyers looking and more homes on the market, your home needs to stand out as above average to even be considered.

I have made recent feedback requests from agents who can't even remember which home was located at what address since they showed so many to a particular buyer.  Even with me trying to explain the home in as much detail as possible some just can't recall the property and have no buyer feedback as a result.

Some buyers wrote an offer on a different property and some are still out there looking as so much is available.  That's why it is of utmost importance in today's market to be the best property in the price range in order to entice a buyer to make an offer.

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