A Window of Opportunity for Oswego Home Sellers?

On a macro-scale, one of the most interesting revelations of the latest National Association of Realtors (NAR) Existing Home Sales Report is the shortage of housing inventory being reported throughout much of the country. At the same time, buyer demand is dramatically up over last year.  Here are some key points:

• Total housing inventory at the end of January fell 4.9 percent to 1.74 million existing homes available for sale, which represents a 4.2-month supply at the current sales pace.
• This represents the lowest housing supply since April 2005 when it was also 4.2 months.
• Listed inventory is 25.3 percent below a year ago when there was a 6.2-month supply.
• Raw unsold inventory is at the lowest level since December 1999 when there were 1.71 million homes on the market.

So, what exactly is happening in Oswego, IL?

We are seeing the same trends in the Oswego homes for sale.

• Oswego's homes for sale are at a 3 year low.
• Oswego's closed homes are at a 3 year high.
• Oswego's Months’ Supply of Inventory (MSI) is at a 3 year low. 

Oswego is falling quickly into a “Balanced Market” and will turn to a “Sellers Market” if the buying pace continues!

Single Family Homes: 7.8 mos of inventory (down 28%)
Foreclosures: 3.3 mos of inventory (down 29%)
Short Sales: 9.3 mos of inventory (down 58%)

While there is no steadfast rule that will apply to pricing in every category of housing, here is a great guideline:

1-4 months’ supply creates a Sellers’ market where there are not enough homes to satisfy buyer demand. Appreciation is guaranteed.

5-6 months’ supply creates a Balanced market. Historically home values appreciate at a rate a little greater than inflation.

7-8 months’ supply creates a Buyers’ market where the number of homes for sale exceeds the demand. Depreciation follows.

Contact Rich Ayers at The Ayers Team if you need help with your Oswego Home Sale. 

We are offering a Spring Selling Incentive!  Sell your home with Rich Ayers and The Ayers Team between 3/1 and 8/31 and we will charge a reduced 4.5% commission!

Rich Ayers is a licensed Real Estate Managing Broker in Illinois.  Ayers Realty Group has EXPERIENCED Brokers who specialize in Residential and Investment real estate in Naperville, Oswego, Plainfield and the surrounding suburbs of Chicago. We also own and manage multiple investment properties and help real estate investors find, buy, fix, rent and sell their investments. We are experienced Short Sale experts and hold the CDPE (Certified Distressed Property Expert and SFR (Short Sale and Foreclosure Resource) Designations. Visit our website  at www.AyersTeam.com or follow us on Facebook.