Home sales dropped sharply in October in the four core Chicago-area counties, including the city, says Crain’s.
“Sales during the month were down about 7.3 percent from October 2015, according to Midwest Real Estate Data statistics posted by the Chicago Association of Realtors on Monday. There were 7,490 homes sold in Cook, DuPage, Lake and Will counties in October, compared to 8,085 in the same period a year ago.
While home sales dropped sharply, “The drop may prove to be the biggest year-over-year sales decrease since November 2014. For the region, the last time sales dropped more was the 8.5 percent decline in November 2015 from a year earlier.
“October 2016’s sales dip occurred region-wide, following September, when sales were down in the city but flat in the suburban area.
“The median price of homes sold in October was up in all four core counties. The decline in closed sales in October is the second sign of an unusually steep autumn slowdown in the Chicago-area housing market.”
Fewer homes are being sold, and Chicago’s North Side has fully recovered from the housing crash, maybe this is just a pause for homebuyers to catch their breath. Homeowners in other city neighborhoods and Cook County’s suburbs continue to hold homes with values far below their pre-housing crash peaks. Maybe, the market has turned against these homeowners.
When home sales dropped sharply in 2007-2008, prices of existing homes went underwater and adjustable mortgages became too expensive. There were no buyers. Could that happen again? If you want to sell, should you sit tight or should you sell now in case the economy gets worse? No one knows. We do know the year after an election is a time of great change. The new president makes all sorts of decisions about the economy and foreign policy. He or she wants to get the bad news out of the way first so by the next election things are looking rosy.
If you are feeling uneasy, maybe now’s the time, to call Kelbry Properties. Kelbry Properties LLC is Lake County’s and Mchenry County’s premier real estate solutions company. Since our inception we have been helping homeowners along with improving communities in each and every city we work in.
One of us will do a walk-through of your house, note any deficiencies, deferred maintenance issues, and improvements we need to make to appeal to today’s home buyers. We will make a cash offer for your house. You are under no obligation, but with our price, there are no fees, no commissions and we will buy your house as-is. We can close in less than 30 days.
We not only purchase property but we also sell our homes directly to buyers, many of which are completely renovated and in move-in condition. Whether you are dreaming of becoming a first time home buyer or looking to upgrade your current home, we can help. If we don’t have a home to sell directly to you, we can connect you with a licensed agent who can help you find your dream home!
Call us today at 224-321-5300