The local county housing industry is still heavily weighted with inventory. As of today, October 18, 2007, the following statistics were extracted from the Multiple Listing Service of Northern Illinois:
Oswego – has an inventory of 384 detached homes and 183 attached homes for a total of 567 homes on inventory status.
Yorkville - has an inventory of 374 detached homes and 125 attached homes for a total of 499 homes on inventory status.
Plano – has an inventory of 131 detached homes and 60 attached homes for a total of 191 homes on inventory status.
So just in these 3 communities in Kendall County there is a total of 1,197 homes available for sale as of today. We must also remember this does not include the homes that are not listed with a Realtor in the MLS system. There are many additional homes that builders have on the market without the use of a Realtor. This gives the housing market more inventory to cope with.
At the time of this article, I checked with a local bank and they are offering a 30 yr. fixed rate for 6.25% with no points for a mortgage amount between $170,000 – $417,000. This is a very attractive rate.
It is very apparent that this is truly a buyers’ market. Buyers should be searching the market with their Realtor to get the best home possible that will meet their Real Estate requirements. There are plenty of homes available in all price ranges and the interest rate is extremely favorable. The sellers must regroup and review their pricing strategy in order to competitively price their home in this volatile market.
Should you have any questions pertaining to this article or any Real Estate questions, please feel free to call me at my office at 630-554-9202 or email me at:
weisreal@aol.com Our office staff of professional agents will also be glad to assist you in either buying or selling a home.
Jack C. Weis – President/Broker
Weis Real Estate – Oswego, IL.
630-554-9202
Serving the Fox Valley Area since 1973
