Real Estate

6 Things about the Local Market

6 Things about the Local Market

Listings have been flat this past 12 months.
Sales are up 7% over the same period.
Put those two facts together and you get a market with 23% less inventory per buyer.
Yet there are 9,314 homes currently for sale.
Prices are up 6% from a year ago.
The median price now stands at $173,000.

Whether you’re buying or selling, let us turn those 6 Things to your advantage. …call me, “I work harder to make good things happen!” -Bob

9,015 Homes For Sale

The Metropolitan Board of Realtors (“MIBOR”) just released sales figures for the month of May. Here are the highlights:

Sales were stronger earlier this spring buying season than last.
And yet May closings were up 18% over April’s. (There’s no doubt it’s shaping up to be a strong year!)
Sales for the past 12 months are up 7% over the previous 12 months period.
Median sales price continued to increase, sitting at $168,000 for May.
May sales brought 96.3% of their original asking price, meaning the average house listed at $100,000 actually sold for $96,300.

While supply is tight, there were 9,015 homes for sale at month’s end. 9,015. That’s a LOT of houses to choose from. Let me know how I can help you be a new home winner in this tight market environment. — call me, “I work harder to make good things happen!” -Bob

Lawsuit Filed Against Zillow

Barbara Anderson, a Glenview, Illinois homeowner has filed suit against Zillow over use of its Zestimate. Anderson, who recently had a townhome for sale, alleges that Zillow’s Zestimate has impaired the marketability of the sale of her home. Taking up an opinion that many others have put forth, she claims Zillow’s Zestimate constitutes the unlicensed practice of real estate appraising, and on top it all it doesn’t do a very good job! Many people in the biz agree with her, especially about the quality of the product.

Many home buyers turn to Zillow for information about homes for sale. Included in that is a Zestimate or estimate of market value. It is a ready tool and easily understood on the surface. However, Realtors and mortgage lenders get tired of explaining to home buyers the many flaws with the Zestimate and find it causes some home buyers to pass on looking at homes that might just work for them (all because of a flawed Zestimate). Count me in that group. I have no use for the product. It’s flaws out number its’ benefits. I hope she wins.

If you’re shopping for a new home and want more personalized and accurate insight into the market value of homes for sale, give me a call. I work harder to make good things happen!