LOCAL CARY HOME MARKET FOR 2008

In an effort to always keep our clients informed we are providing you local and national market updates. You will find that the Chicagoland area is still a great place to live but it is taking a little longer than normal for people to choose the home of their dreams.

Fox River Grove: Over the last 180 days MLSNI 36 family homes in FRG have closed, with an average market time of 117 days. Currently there are 36 actively listed family homes on the market, with an average days on the market of 191 days.

Cary: Over the last 180 days, per MLSNI, 201 single family Cary homes have closed, with an average market time of 167 days. Another 114 attached homes have closed with an average market time of 109 days.
Currently there are 257 single family and attached actively listed homes on the market, in Cary, with an average days on the market of 193 days. Additionally there are 29 Cary homes under contract with average market time of 235 days.

THE BIG PICTURE

Home Sales: In general sales of existing homes are off from their high, 2007 is recorded as the fifth best year on record for existing-home sales. There isn’t a single investment that doesn’t experience a bad year and real estate is no different. The average return on a 5% downpayment over 10 years is still at least triple that stock market returns.

Cary Area Home Sales: Homes for sale in the Cary market will continue to sell if buyers regard them as a good deal. Using one home as an example, it was introduced to the market at an aggressive price – went under contract immediately – the buyer’s home didn’t sell so it was re-introduced to the market (again at an aggressive price – this time a bit lower) and went under contract again. This second contract was also a buyer with a home to sell….which didn’t so the home was reintroduced to the market and has sold a third time! While many homeowners are waiting to sell, this home has “sold” three times because of its value to the buyer. Reasonably priced homes continue to sell, as buyers and their agents are recognizing good values.

Even though many buyers, especially for larger homes, will likely have a home to sell, getting a good deal on their next home allows them the flexibility to position their home aggressively for a quick sale. Sellers should be careful not to contract with a buyer if that buyer doesn’t recognize the need to price their home more aggressively.