“We think maybe we should pull the house off the market and wait until next year…”. Showings and new contracts have dropped off. In my communities of St. Charles, Geneva and Batavia in Chicago’s western suburbs the buyer activity has definitely slowed down. Some sellers think that they’ll make more money in the Spring.
So is pulling the listing off the market a good idea? Probably not.
There are home buyers at any time of the year, regardless of the weather, playoff schedules, or interest rates. People change jobs, have babies, need to upsize, downsize, or otherwise make major changes in their lives. There are the “opportunity buyers” who have deliberately waited until this time of year for a good deal.
Sellers who are serious about selling should carefully evaluate how their home stacks up against the competition. This isn’t the time for “testing the market” or “waiting for the right buyer”. Sellers must ask themselves what they need to do to make their house the next one that is chosen. Because difficulties in financing is the main reason that buyers drop out, make sure that your home is in good condition so it gets through inspection and financing.
Existing inventory + new listings means more competition in the Spring
If a seller pulls his home off the market to wait for Spring, he will face the higher inventory and lower prices that most economists are predicting. We believe that prices in the Chicago area will continue to drop though 2012. Some communities, like St. Charles, saw increases this year in average price and total numbers of sold homes. But certain home types, like high-end townhomes or large estates, will see continued downward pressure on prices.
Even if it is hard to hear, listen carefully to your Realtor®’s advice on what you need to do to get your home sold. If you are thinking of selling a home in St. Charles, Geneva, or Batavia, please give me a call at (630)945-7935 and let’s talk.