The May 2012 Buffalo Grove real estate market reports have been released and the numbers haven’t seen much of a change. There are definitely some strong changes in the market in other ways that we have never quiet seen before.
Most of our market report posts contain an explanation of the statistics, but this time we are going to explain a side of the market that as a potential seller or buyer you may not see at this time. The market reports are below as always and if you have questions you can contact a member of the Sharron Kelley team at 847-465-3638.
If you are in the market to purchase a piece of Buffalo Grove real estate you should know a few things.
First the good news:
1) Prices are still low, but they are rising the Buffalo Grove real estate market.
2) Interest rates are still at all time lows making this the time to buy.
Now the not so good:
Home inventory on the Buffalo Grove real estate market is low right now which is making it difficult to find a home to purchase. Homes are going under contract very quickly and some are even seeing multiple offers and selling for over list price. You need to make sure you know exactly what your are looking for, be pre-approved, and work with an agent who understands the fast pace the market is in right now for buyers. Any hesitation could mean you lose the home.
Now on the flip side, if you are in the Buffalo Grove real estate market and considering selling there is some very good news right now. The market is not back to what it was 7 years ago, but prices in this area are starting to trend upward. We are seeing more multiple offers and some are even closing for more than list price.
We had a recent listing that was under contract in just a few hours of going active on the market and it was for full asking price. Now here is the really good news! We were very worried that the home would possibly not appraise out as the highest comparable property on the market was about $26,000 less than the contract price we had negotiated for this seller. Low and behold, it appraised out for more than the contact price! This is great news for any active or potential seller in the Buffalo Grove real estate market. This and the very low inventory are making this a great time to sell!
For more information on exactly what the market statistics are in your neighborhood contact Sharron Kelley and her team for a free comparative market analysis. We also have another great tool that we used to send you monthly updates on what is happening in your neighborhood. We have an arsenal of tools to help you decide whether buying or selling a Buffalo Grove home is right for you. Contact us today at 847-465-3638!