An Important Number To Understand When Bringing Your Home To Market

An Important Number To Understand When Bringing Your Home To Market

There is a bit of a disconnect by homeowners when agents refer to the "sellers market" condition. I've been illustrating how there is little inventory available in the Bolingbrook/Plainfield area. The number of homes being sold in our area are such that it would only take a couple of months to be eliminated by the number of homes by buyers looking for homes. For example, January has been limited during the past 3 years:

Months supply

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This trend creates upward pressure on prices as buyers compete. At least that's the theory. How long a home is for sale before it is under contract is expressed as "market time". An area of increased market time is a sign that buyers can be more selective in the process. There are enough homes available so there is little pressure to make an offer. Decreasing market time is the opposite; homes are being selected that may not be ideal but buyers understand that they had better bid quickly.

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Now here's the number to understand when deciding to bring your home to market. In this chart you'll see that, in the previous years there has been little change in the numbers concerning what a homes original list price vs. the amount it sells. 

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So what does this mean to the homeowner? You, the owner, have an opinion of what your home is worth. A Realtor will express their opinion of the same house. It occasionally is a similar number but owners have an emotional attachment and will generally believe their home is worth more. This is most true when they are being told that it is a "sellers market".

As the chart shows, homes in our area do not sell for list price. Other areas in Chicagoland are selling above list price. In our market, it is especially important to understand this concept if you want to sell your home quickly. It will help if you engage a Realtor who has a firm understanding of this market. 

That's what I do.

Steve Lona

630-343-9839 direct/text

"Prepare To Be Moved"

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Phone: 630-343-9839
Dated: February 6th 2018
Views: 249
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