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Why won't my home sell?
I would like to share my opinion with anyone who has been trying to sell their home. My name is Mark Roncone. I am a full time Realtor who lives and works here in Kendall County. As a real estate agent I earn a living when I help sell a home. I work with buyers and sellers. I am not taking sides. The ideal real estate transaction is a win-win for everyone involved! I want every home to sell!
"The market" Let's talk about it. Long story short, the market is flooded with homes for sale. I mean flooded. Here are some details on our market. Kendall County, IL as of December 2007 had 15.5 months supply of inventory and the average home sold in 116 days. This means it will take approximately 15 months to sell every home that is currently for sale! Now compare that to December 2005 in Kendall County. The supply of inventory was 11.8 months with a market time of only 52 days! Kane County, IL as of December 2007 had 17.8 months supply of inventory and the average homes sells in 112 days. Again compare that to December 2005 in Kane County. 7.8 months supply of inventory with the average home selling in 61 days.
Mortgages- Another problem that we have to deal with is the ability to obtain a mortgage. Real estate financing that was so easily obtained in the past has proved to be a little tricky. Many lending institutions have gone under and the ones that have survived have tightened up their lending programs. This means fewer buyers have the ability to qualify for the loans that they need to purchase a home.
Market price-The prevailing price at which merchandise, securities, or commodities are sold. Sold is the key word. How much are homes like yours, in your neighborhood, selling for in today's market? This is not what your home appraised for when you refinanced your mortgage. You can throw that number out the window. The price that a buyer is willing to pay for your home also has nothing to do with how much you owe on your home. I am sorry but you must know that they really don't care what you owe! The typical buyer will make an offer based on sales of similar properties in your neighborhood.
So back to the question, why won't my house sell? First, I have to say that homes are selling! They are! Everyone is complaining about how bad the last year was in real estate. 2007 was one of the better years in the real estate market. I know it is hard to believe but it is a fact. My opinion is that most people have to take a long hard look at the price of their home from a buyer's point of view. If you home is in great condition and you have had no offers, it is time to adjust that price.
I would love to answer any real estate questions you may have. mroncone@remax.net or (630)212-1118.
Visit my website at www.markroncone.com
