Bolingbrook Plainfield Market Conditions February

Dated: 03/06/2018

Views: 118

Pricing in the southwest suburbs continues it's upward trend for the last 18 months. We've seen the measure of price per square foot, jump to an increase of over $10 per Sq Ft in the last 2 years. That's rather remarkable. Of course, this is driven by a substantial lack of inventory out here. 

$ Per Sq FtClick pic for larger image

You're probably asking yourself, "how long is this going to go on"? It's anyone's guess really. But my experience watching these things over the last couple of decades tells me a couple of things. First and foremost, there is no new construction of new houses to speak of. Second, there this a significant number of buyers and not enough inventory for them to buy. That is basic economics. Did you every try to buy that toy your child wanted for Christmas online when no stores had it? You paid through the nose, didn't you? The same thing is happening with housing.

Months supplyClick pic for larger image

Another by product of this low inventory thing is how fast the available houses are being sold. There are important things for both sides of the equation that need to be addressed. For sellers, be prepared to price your home correctly and be ready to close quickly. If you're "testing the market", the market will most definitely test you.

If you're buying, you had better be prepared to make a solid offer. Be pre-approved. Not just a lender looking at your information over the internet and telling you "you qualify" but documented and verified income and cash to close. If you don't know a reputable lender let me know. Here is proof that you need to be prepared. The trend below will continue to shorten time from list to contract.

Days to contractClick pic for larger image

It's snowing outside my home as I write this and it makes me want warmer weather now. It's coming; spring is coming. Make no mistake, this spring market is going to wild, wild and then more wild. So get together with the Real Estate Professionals that make a difference in their clients lives. Give me a call if you'd like some more insight. That's what I do.

Steve Lona


"Prepare To Be Moved"

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Steve Lona

Today, you don’t need a Realtor to find a home because with just a few clicks you can find countless properties to buy or even find a range of how much your home is worth. What consumers need today....

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