We post the Buffalo Grove market reports each month and for the year of 2011 the prices have consistantly gone down. This is right in line with what the media outlets report and is what is expected due to the overwhelming amount of short sales and foreclosures currently on the market and the shadow inventory that is scheduled to come on the market. Now I bet you are scratching your head thinking this is all bad news for you and your home. I want to you to try and think of this from a different perspective. If you are in the position to sell now is the time to do it. If you want to sell your current home and upgrade to a larger home or maybe a higher end community, now is also the time to do it. Let me explain why.

View Full Year To Date Attached Buffalo Grove August 2011 Market Report

View Full Year To Date Detached Buffalo Grove August 2011 Market Report

View Full Month To Date Attached Buffalo Grove August 2011 Market Report

View Full Month To Date Detached Buffalo Grove August 2011 Market Report

As you can see from the attached market reports prices are trending downward. If we take a look at the reports, listen to the media, and follow the advise of the experts in the real estate world, this trend is going to continue. It is not forecasted to trend as downward as it has and many experts believe we are just about at the bottom. But a big problem out there right now in the Buffalo Grove and surrounding real estate markets, is the shadow inventory of short sales and foreclosures I mentioned earlier. It has been estimated that there are about 1.8 million homes (nationally) sitting in the shadows that will come on the market during the 4th quarter of this year and into the 1st and 2nd quarters of next year. Now, I bet you are wondering what this means for you as a seller. It means that prices in your area will continue to drop and as that happens it means you will sell for a lower price than if you sold today. It also means that when you sell your home and it is time for the appraisal process there are going to be more short sales and foreclosures used as comparables. It used to be that appraisers did not look at those as comps, but in today’s market when they are such a prevelant part of the Buffalo Grove real estate market, an appraiser has no choice but to use them.

In short, by waiting to sell your Buffalo Grove real estate you will net a lower sales price than if you sell today. The trends show the longer you wait the less you’ll sell for. Our suggestion is to sell today! Mortgage rates are low and this is great for potential buyers. Another plus for potential buyers is the amount of homes on the Buffalo Grove real estate market. Larger inventory means more homes to choose from which will also drive prices lower. Don’t wait any longer, the time to sell is NOW! If you not ready to sell now that’s ok, but make sure you are prepared to sell for less or to stay in your home for a longer period of time as prices are not likely to rebound any time soon.

If you would like more information on the current Buffalo Grove market statistics or would like to learn more about putting your home on the Buffalo Grove real estate market please contact a member of the Sharron Kelley Team today and we can help you through the process of deciding what’s right for you in the current market conditions.

Please contact me, Sharron Kelley, today at 847-465-3638, for the latest updates on Buffalo Grove real estate. Click here for free access to the Buffalo Grove MLS, to view all available Buffalo Grove Real Estate, Long Grove Real Estate, Vernon Hills Real Estate and Palatine Illinois Real Estate.

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