Housing Information Needed (Chicago, Arlington Heights, Buffalo Grove: for sale, real estate, homes) - City-Data Forum

searching for a home · 10-13-2007, 04:18 PM

I wondered if anyone knew where to find the stats showing what the average home buyer is offering (percentage wise) below asking for a single-family home purchase in Elmhurst, Villa Park and/or Lombard, IL?

Also, does anyone have an opinon about Villa Park?

emmi605 · 10-13-2007, 05:57 PM

The Tribune has county statistics each weekend in its real estate section. You may want to check their website to see when they covered Dupage county last. You can get a comparison of prices from last year to this year for the same month. I have friends that live in Villa Park that are entirely happy, but other friends are not. I think you really need to go neighborhood by neighborhood. I also think Villa Park feeds into a couple different school districts. It is hard to give you specific information unless I know the price range you are looking for. In my neighborhood in Elmhurst there are a couple 4 bedroom homes going for around 450k-470k and they have all been for sale all summer. I would guess they are ready to deal. This may be true all over. It seems that there are definitely bargains out there. Overall, you will have more stability with your investment in either Elmhurst or Lombard in my opinion.

searching for a home · 10-13-2007, 06:37 PM

Thanks for the input; I'm actually in a lower bracket. I would love to find something around 250 to 300.

jsagil · 10-16-2007, 03:57 PM

Most seller's still want to see at least 90-95% of asking price. If it's been on the market for over 120 days or so then maybe you could get it for below that. But if it's a newly listed home in good condition and priced well then expect to pay at least 97% to full price. Yes, even in "this" market. Have you looked at Addison? There are a few nice homes on the market there in your price range.

kleer · 10-21-2007, 08:45 AM

I'd pick Lombard over Villa Park for what it's worth

cmoscinski · 10-23-2007, 01:19 PM

In our market, Brookfield, it's within 3-5% of asking price.

cmoscinski · 10-23-2007, 01:35 PM

Here are stats for the past 6 mos. on closed transactions only in jpeg format.

racerx68 · 10-23-2007, 02:07 PM

Homes are getting appraised 20-30% lower from 2 years ago. So you should be offering 30% lower than what that home was appraised at 2 years prior. My friend bought a home in Algonquin for $248,000 2 months ago. Last year the home was on the market for $310,000. If a seller is expecting 90-95% of their asking price you should move on to the next home because it's a buyers market now big time. Plus the sellers shoud be paying all the points and closing cost on top of their reduced price. As far as neighborhoods go I would stay away from Lombard, Addison and Villa Park all together.
Those areas are very shady and also too congested. The traffic on North ave. on a Saturday alone is enough to drive you mad. Look at towns like Buffalo Grove, Arlington Heights and Mt. Prospect. Great hoods and very good deals for homes in your price range. Lots of people desperate to sell right now you are in the driving seat. Good luck.

racerx68 · 10-23-2007, 02:11 PM

Another thing you should consider is looking at the police blotter for all those towns you are interested in. I think you will reconsider and scrap some of them. Just trying to be helpful.

dsv1496 · 10-24-2007, 01:39 PM

Lombard a shady area? Not quite. It's a great area, I highly recommend it. The only issue is traffic gets pretty bad anywhere out here on North Ave. and Roosevelt, but this is metro Chicago so where isn't it bad?

I'd drive through each area and get a feel for yourself. St. Charles & Main Street is the "downtown" area of Lombard.

I don't think too highly of Villa Park, but that's essentially because I don't like small homes built in the 1960's (or whenever) on small lots.