In good times I think people forget that real estate prices are cyclical by nature, imagine if your home price was a stock--then your property price would go up and down hourly. That would cause a lot of fear, or joy, depending on the economy and your particular home value at the end of that day. Good new is that your home price is not changing hourly, but in a slower market it can change monthly. In this market it is very important to keep up with the current data and market trends.
Your neighborhood and local area comps are very crucial to one's home value, but that only tells one side of the story. Real estate is evolving, the way people buy and sell homes is also. Here in IL with political uncertainly, Realtors need to go beyond just the "comps" and price per square foot. For us at the Purcell Group it is important that each home's value is determined on a case by case basis. Location is always important--we break down each home's individual upgrades, paint colors, type of flooring, kitchen and master bath remodeling, Jack-n-Jill baths, finished basement space, size of the popular rooms, such as Kitchen, Family Room, and Master Bedroom, yard size, proximity to town, schools, and proximity to amenities. In today's real estate market all homes are not created equal. The current buyers values particular upgrades, features and accessibility over just size.
As with other investments, it is important to focus on what your house is worth TODAY--not the price you paid for it, or what it was worth 5 years ago, PRICES are always fluctuating. We are trying to guide our sellers away from their past value and help them sell now for the best prices possible. Value in today's real estate market is truly a case by case basis and takes a true expert to help determine that for you!
September 2018 Trends:
- Decline in the number of town homes sold in 2018...We feel this was actually due to less available inventory, especially under $300,000. Prices had also increased in this segment in recent years, and a slight pull back was to be expected. Demand will be strong in 2019 for town homes.
- Number of homes sold are slightly down in Geneva and Batavia in comparison to 2017...the number of homes sold in St. Charles is almost exactly the same as 2017.
- Demand for ranches and/or 1st floor master bedrooms remains very strong.
- Demand for updated homes under
- $400,000 continues to be strong.
- Pricing of properties needs to be evaluated on a case by case basis, as interest rates rise, and seasonal slowness effects the local housing market.