More homes for sale, favorable for buyers
When we look at the average sales price for Northbrook for the past decade, it’s clear that after the housing market collapse in 2008, local market bottomed out in 2012, and regained its strength since 2014. In the past 3 years, the market has been generally stable, with supply and demand roughly in balance.
However, this summer of 2019, we are seeing more and more inventory pouring into the market than being absorbed (sold). As of June 2019, there are 6.5 months inventory for sale on the market, and still more coming in.
This signals the market is slightly turning to Buyer’s Market. So if you want to buy a home in Northbrook, now is a good time. More homes are vying for your attention.
And of course, if you buy with Realex Realtor, you get a big rebate. For average Northbrook homes, the rebate will be $6000-$8000. Giving you more savings.
How long does it take to sell in Northbrook?
Look at the bar chart on the left. Average homes spend about 50 days on the market. For homes priced between $700k and $1million, the competition is actually getting hotter, driving the average marketing time down to 49 days.
As a seller, it is essential for you to know the average marketing time, so you don’t get frustrated when on day 30 you still haven’t gotten an offer. But also help you re-evaluate your strategy if your home sit on the market for 3 months with no interest.
An interesting note for Sellers
Do you know how many showings it needs to take before you get a contract? In Northbrook, most homes need 13-14 showings before “the One” buyer comes in and makes an offer. For more affordable homes, the number increases to 18 showings – perhaps with many investors looking for an investment and not a home. Million dollar homes generally need less than 10 showings to get sold. So how is your home faring in the competition?