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Multiple Offers are Back

Take some 'inventory' on what the real estate market is doing in Northbrook. Sellers rule...again.

I listed a new house the other day.

It was a nice 4 bedroom, 2 1/2 bath house. Hardwood floors on both the first and second floors. But the house needed some work. Great bedroom sizes and a really nice street in Northbrook. District 27.

When I sat down to talk to the seller about what price we should list the house at, I used comparables from homes that sold within the past six months. We talked about the pros and cons to listing his house over $500,000.

The comps didn't really point to a final sales price above $500,000. And I advised him that if we listed it at $499,500 we would get some great traffic and give buyers a sense of urgency... because, as many of you may know, there is no inventory!

The buyers are frantic out there. Many have been renting for months, and some have already sold their homes and are realizing that they are going to have no place to live if they don't find something. They are nervous, anxious and scared.

So my new listing was put into the computer at 5 pm on a Friday night. Within 20 minutes, the first showing was scheduled. By the time the weekend was over, we had 23 appointments scheduled. In addition, the open house that I hosted brought in an additional 16 groups. It was mayhem. I wasn't even able to keep up with all the people coming through the house. It was like a revolving door.

We ended up with multiple offers, and within three days, the house was under contract.

What I described has become the norm lately... and not only in Northbrook, but the North Shore and the rest of the Chicagoland area.

So, if you are going to be listing your house, you need to get your house in pristine showing condition. But most importantly... price your home correctly. Your REALTOR® will know what price your house should be. Listen to him or her.

Because while the buyers are climbing all over each other to find a home, they still won't pay more than what the market value is. 

But if you price your house right, and it shows nicely... watch out! The stampede will begin.

Here are some stats for the Northbrook market. Very interesting!

Homes for Sale in Northbrook Comparing Last Year to This Year

Closed Sales in Northbrook This Year vs. Last Year

Average Sales Price in Northbrook This Year vs. Last Year

 

Kati Spaniak is a Real Estate Broker with @properties specializing in selling real estate in Northbrook, a 37-year resident of Northbrook and a former Northbrook Village Board Trustee. Contact Kati...

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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