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Are We Still in the Seller’s Market?

We are often asked by our clients about how long we think the home they are selling will be on the market before we receive an acceptable offer. While there is no surefire way to predict this metric for each individual property with absolute certainty, our agents use statistics and available data to provide our sellers with a good estimate they can rely on. One set of information we recently analyzed is the number of days it took to get a signed contract on properties in Cook, DuPage and Lake Counties over the past 12 months, conclusive with February 2019. The data showed that the sellers in DuPage County will receive an acceptable offer on their home the fastest- within 39 days, while the sellers in Cook County and Lake County can expect to receive an acceptable offer on an average within 45 and 54 days respectively. The analysis of this information also showed that the number of days it took to receive an acceptable offer improved in all three counties in comparison to the same period previous year. While the pace of decrease in the number of days has indeed slowed down, the fact that the homes are selling faster than the previous year is a good sign for all the sellers out there. Despite different headwinds the real estate market has been facing recently, we are still in the seller’s market.

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