Sept. 24, 2018
August Market Watch:
The overall housing market in Kane County did slow down in August 2018, which has in turn put the housing market behind sales activity for the same period last year in some towns.
#Number of homes sold in St. Charles up to Aug 31st 2018 = 610
#Number of homes sold in St. Charles up to Aug 31st 2017 = 601
#Number of homes sold in Geneva up to Aug 31st 2018 = 333
#Number of homes sold in Geneva up to Aug 31st 2017 = 366
#Number of homes sold in Batavia up to Aug 31st 2018 = 242
#Number of homes sold in Batavia up to Aug 31st 2017 = 265
What We Thought:
Below is what we wrote in our June 2018 blog regarding local market trends.
The market has had a nice run up in the last 2-3 years, relativity low rates, and a spark in demand created a stable market. It's only normal to see some softness in demand and pricing as rates rise, plus the IL economy still continues to create other problems for everyone locally. So we are cautious for the rest of 2018 and will look at the year-end numbers and reevaluate our opinion of what 2019 may be like. Inventory levels are low in some segments and demand for the "Hot Trends" mentioned above are still strong.
So Now What :
1. Evaluate your time horizon for selling. We think mid January to late June 2019 will be the "sweet spot" for selling, prior to a possible nation-wide housing slow down. Nobody is certain on how long that may last, but it always better to get in front of that as a seller.
2. If you are planning on buying a home now, look for the best deal and jump on it before rates continue to rise. If you have time to wait, I would recommend the end of 2019 for some possible bargains. Rates may be higher, but so will prices--it is town and market segment specific too.
3. What will the state elections bring? Nobody knows for certain, but could be a major factor.
4. In a slower market, always choose the best location when buying. That will never change, but makes even more sense if prices are down. LOCATION...LOCATION...LOCATION...
5. CALL US anytime, so we can guide you through any selling or buying decision. We have our pulse on this market!!!