Looking at the dates of this post compared to my last post tells the story of the fact that I’ve simply been too busy to write. And that’s a good thing since I haven’t come close to the sales I had last year at this time. I really thought I’d be able to beat last year’s record sales but unfortunately, I just wasn’t prepared for the slow buyer’s market we’ve been through.
Much of my activity has been taking a lot of listings but I’ve also been out showing everything from condominiums to luxury homes. Buyers are still taking their time and the inventory is still high.
However, I’ve had some of my listings sell that were sitting on the market. Yes, most of them had to take price reductions in order to sell. Some had to take a low offer on top of the price reductions. I was lucky enough to have a very quick sale on an Oak Lawn home for sale that received an offer the first day it was on the market. However, in a better market it would have received multiple offers. The sellers even gave it an entire weekend before accepting the offer. Of course, they’re still happy.
I do have a couple of homes that have not had any showings and that has never happened to me in the 25 years I’ve been in the business. I knew one home was overpriced when I took the listing but I still wasn’t prepared for the complete lack of interest. It was a unique home that was difficult to comp out so I thought I’d give it a chance. But it’s been over 2 months without one showing and not even a phone call or Internet inquiry. I have marketed it aggressively but still no interest. I will not renew this listing once it expires as the sellers will not reduce price and are not motivated.
So it just goes to show that if you price your property correctly for current market conditions you have a great chance of a quick sale. Maybe not a day or even a week, but possibly a sale in the first 30 days of listing. And in this market that is pretty good! Most areas have an average of around 100+ average days on market. Of course, each town is different as are different price ranges.
Remember, real estate sales start to slow down towards the 3rd quarter and truly our last months for more robust sales are July and August. Families with children want to be in their next home before the next school season begins. So if you’re still considering listing your property this year you shouldn’t wait any longer. Give Judy Orr a call at 708-536-8200 for a free market analysis.
