Arlington Heights Real Estate | April 2023
What's going on with real estate market? Is this a question on your mind right now?
Real estate is all about understanding where you live and making an educated decision when it comes time to buy or sell!
Have you noticed that homes are selling for more money recently? Homeowners in our area have enjoyed a steady appreciation of their home values over the years. In fact, records show that single family homes sold for an impressive $441,000 last month - almost 40K more than just one month prior and 18K higher compared to this time last year! Over the past 7 years we've seen property prices increase by 34percent , making them worth close to 112 thousand dollars more today on average. With average yearly increases of 4.88percent , we can expect to see further home value appreciation next month due to ongoing multiple offer situations. Reach out to me if you have questions about your current situation.
Are you curious how market trends are influencing asking prices? Last month saw a jump of over $33,000 in the average ask price - the highest so far this year! It seems that each spring brings a boost to our area's real estate markets: sellers list their homes between February and April for maximum demand. As always, I'm here with all sorts of stats relating to your situation so we can find what's best for you!
Are you wondering how much money you can potentially save during real estate negotiations currently? With multiple offers on the market more often, it's clear that spring is a competitive time for buyers. Last month we saw this in full effect with homes selling at an average of 99.67% sold to their asking price -buyers paying only about $1,500 less than what the homes was listed for. Plus, with more first-time homeowners entering the spring market - competition has become increasingly harder. If you are in the market for a new home, make sure to be aware of any current trends that could affect your offer. Being informed is an essential part of finding the perfect place and making it yours!
Are you feeling frustrated after attending countless property showings, but still can't find your dream home? You're definitely not alone! In fact, last month our area recorded an impressive 4,300 showings - almost identical to the number we saw in March 2020, despite the pandemic lockdown that blocked half of the month. That's a significant increase from last year, where there were approximately 1000 fewer showings, and a staggering 1,400 fewer showings compared to each March from 2016-2018. The sharp decrease in showings is mainly due to a lack of available inventory, particularly in the lower price ranges. But don't worry, we're here to help! If you need any assistance finding your perfect home or want us to accompany you to your next showing, just let us know. We're here to make your home-buying journey as smooth and stress-free as possible!
Are you concerned about the low inventory of homes available on the market? If you're looking to purchase a property, the current market may not be offering great options. With only 1.3 months of inventory available and sellers hesitating to put their homes on the market - it's no wonder prices are skyrocketing! To turn things around in our local housing industry, we'd need 3-4 months of supply out there so buyers have some exciting choices at realistic price points. For more insight into this situation or predictions for what might come next - I'm here with all your answers when you're ready!
Wondering about today's market conditions? Home sales are faster than ever, with homes in our area typically selling within 35 days. We did see a slight slowdown recently due to sellers needing additional time before closing so they could find their next property or allow kids to finish school year . Pricier listings above $6OOK are a bit slower right now since move up buyers are rate locked into their smaller residences! If you have questions or would like an assessment of your current situation, don't hesitate to get in touch!
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ABOUT: Hi, I'm Mike Zapart and I'm a real estate agent with Compass in Arlington Heights. Whether you're buying or selling We'll walk you through the process from start to finish and help you get into your new place faster. I know that when it comes time for a move, finding the right agent can be tough - but don't worry! Watch this short video to learn about me and what sets me apart from other agents in my area.
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Негізгі бет Arlington Heights Real Estate | April 2023
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