Hey there, it's The Kombrink Team, your friendly neighborhood REALTOR® team here in Wheaton, Illinois. We've got some exciting news to share with all you buyers and sellers out there. So grab a seat, sit back, and let's dive into the latest market update for July 2024.
Market Inventory Insights
Let's start with the numbers, shall we? Currently, we're looking at a slim 1.42 Months Supply of Inventory in Wheaton. This essentially means if you're in the market to buy, you'll want to act fast when you find the perfect home. Homes are being snapped up quickly, creating a highly competitive atmosphere for buyers.
Over the last 12 months, we've seen a significant decrease of 10.6% in the Months Supply of Inventory. This reduction only amplifies the competitive nature of the market. Buyers, it's crucial to be prepared to make swift decisions.
List to Sold Price Percentage
Now, let's talk about the List to Sold Price percentage. In Wheaton, homes are selling for an impressive 102.3% of their list price. That's fantastic news for sellers looking to get top dollar for their homes. This trend highlights the strong demand and buyers' willingness to pay above the asking price to secure a property.
Median Days on Market
When it comes to days on market, the median is only 6 days. That's right, just 6 days before a home goes under contract. For sellers, this means if you're looking to sell quickly, now is the time to list your home. The fast-paced market demands agility and readiness from both buyers and sellers.
Median Sold Price
And last but not least, the median sold price in Wheaton is currently sitting at $465,000. This figure is essential for both buyers and sellers when making informed decisions. Understanding the median price helps in setting realistic expectations and strategizing effectively in this bustling market.
Key Takeaways for Buyers and Sellers
So there you have it, folks. The real estate market in Wheaton, Illinois is hot, with low inventory, high list to sold price percentages, and quick sales. Whether you're thinking about buying or selling, now is the time to make your move. Here are a few key takeaways:
- For Buyers: Be prepared to act quickly. With a limited supply of homes, competition is fierce. Have your finances in order and be ready to make a strong offer.
- For Sellers: It's a prime time to list your home. With homes selling above list price and quickly, you can expect a lucrative and swift sale.
Need Help? Reach Out to Us!
As always, if you have any questions or need assistance navigating the market, feel free to reach out to The Kombrink Team at One Source Realty, your trusted REALTOR® team. We're here to help you every step of the way.
Thanks for tuning in, and until next time, happy house hunting!
FAQs
1. Why is the inventory so low in Wheaton, IL? The low inventory is a result of high demand and fewer new listings coming onto the market. Many homeowners are holding onto their properties, causing a reduction in available homes.
2. How can I make my offer stand out in a competitive market? To make your offer stand out, ensure your finances are in order, be pre-approved for a mortgage, and consider offering above the asking price. Including a personal letter to the seller can also add a human touch.
3. Is now a good time to sell my home in Wheaton, IL? Yes, it's an excellent time to sell. With high demand, homes are selling quickly and often above list price, ensuring you get top dollar for your property.
4. What should I expect during the home buying process in a hot market? Expect a fast-paced process with multiple offers on desirable properties. Be prepared to make quick decisions and work closely with your REALTOR® to navigate the competitive landscape.
Posted by The Kombrink Team on
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