DuPage, Cook County Realtors Expect Growth This Year Despite Slim Pickings

​By Anicka Slachta (Patch Staff)
Despite slim pickings and a slightly decreased sale rate this year, realtors in DuPage and Cook Counties are optimistic and pushing forward.
The Mainstreet Organization of Realtors, which covers 200 communities in DuPage, Lake and suburban Cook Counties, released its January numbers on Tuesday. According to those numbers, the total homes sold this January — 2,064 — were slightly down from last year’s 2,181. But, the organization states in a release, detached homes under contract are up 19 percent and the average time houses spend on the market is going down.
“We are exactly where I would expect with the current lack of inventory,” Catherine Terpstra, president of the MORe Board of Directors, said in the release. “Without more homes coming onto the market, we remain in a seller's market, which is bringing up prices and reducing time on the market.”
MORe’s data, which comes from independent data collector Midwest Real Estate Data, shows that the median sale price is up 7.3 percent this year to $220,000. Des Plaines, Hoffman Estates, Matteson, Mundelein and Zion saw the biggest positive growth during the past year.
Terpstra said the spring real estate boom typically kicks off straight after Super Bowl weekend and continues through the end of the school year.
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She provided tips in the release for both sellers and buyers this year:
Buyers: “Work closely with your realtor so they know what you’re looking to buy. Be prepared with your mortgage pre-approval letter ready so that if you see a home you want, you can put in an offer immediately. While there are not as many people out looking now, expect increased competition as the weather because warmer.”
Sellers: “Keep your home prepped for showings. You don’t want to turn down any showings on a sudden nice day when lots of people are out. And be ready for buyers who are making a quick decision and eager to close right away.”

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