As we know, Palatine is a sought after community. We have excellent schools, outstanding location to expressways and public transit alongside excellent shopping.
Buyers flock to Palatine ts for these reasons and more. In 2012 Palatine saw 397 total sales. (Chicago Magazine, April 2013).
How do these numbers play out for buyers and sellers for the remainder of 2013? In looking at March, there were 87 new single family listings in Palatine for the month and 29 of the properties went under contract with an average market time of 32 days. The average under contract price was $401,000.
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Prices are also increasing. March 2012 averaged $121/sqft compared to March of 2013 at $145/sqft or up a total of 19.8% increase. This suggests sellers can list just a bit higher and seller faster. Buyers must make moves quickly and decisively and be armed with appropriate paperwork and know how.
Supply and demand are also driving prices. In comparing March of 2012 to March of 2013, supply is down 14.4% with under contract homes (demand) up 181.5%. Current list prices for property is also up, 19.6%These numbers are showing the face of pent up demand and sellers are reaping the benefits.
Find out what's happening in Palatinewith free, real-time updates from Patch.
“Your average person now knows that now is the best opportunity that they'll ever have probably in their lifetime to buy real estate,” said Thaddeus Wong, co-founder of Chicago-based @properties. “There are so many buyers that are looking that have lost out on houses in multiple-offer situations that when the buyer finds the house that they really want, they just pay the asking price.”
Bank owned properties and short sales have also decreased in the last year, roughly 40%. Buyers have quickly learned that buying a bank owned property is not always as easy as it seems. "I kept hearing it was a great time to buy, so we opted to start the process." A recent client of getburbed.com a division of @properties said.
"Buyers think they will have a choice, but thats not the reality. Part of the process is now getting through the shock of lack of inventory. We felt we had to house shop every day in preparation for the market and finding "the one". She also said that she was very disappointed in how few bank owned and short sales were available. "It was hard to find our home. More than four offers later we finally are under contract."
Todays market is moving. Don't get left behind, again.
Holly Connors is a senior broker and founding member of @properties. For more information, Holly can be reached at 773.862.0200 or holly@atproperties.com. You can also visit her website at getburbed.com
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