Does it seem like a lot of people are just not listing their homes? (Arlington Heights: for sale, real estate)

[Schnooks]

After hearing from a realtor in Arlington Heights that the inventory isn't great.. I was wondering if that seems the case elsewhere in the burbs.. we're looking at Westmont and Clarendon Hills and not seeing much to buy.

[Vlajos]

Originally Posted by Schnooks

After hearing from a realtor in Arlington Heights that the inventory isn't great.. I was wondering if that seems the case elsewhere in the burbs.. we're looking at Westmont and Clarendon Hills and not seeing much to buy.

Yes, I think I read that inventory of homes for sale is extremely low.

[chet everett]

Really depends on what you are looking for. I am extremely familar with the towns the OP is interested in and Westmont has taken a much bigger hit price wise than towns with more highly regarded schools. That hit has forced a tremendous number of folks who might otherwise be amenable to listing and moving to feel stuck. In contrast the mix of homes inside the desirable portion of Clarendon Hills continues to represent a very good value compared to other homes inside D181 which are largely inside even more costly Hinsdale. The fall off in builders willing to undertake speculative tear downs has had a bit of a negative impact for folks wanting a brand new home however with over a dozen new homes currently being built that would indicate that those with the resources to have new home built "to order" are largely able to get what they desire.

If you have a specific price in mind and can invest a little "shoe leather" in walking (or even driving around with a local expert) you might want to think about making an unsolicited offer. The mechanics are simple -- find a home that from the street looks like it could be in your target and then get help determining if the present owners might consider a fair offer. Of course the emotions of this are pretty heated on both sides -- even an elderly home owner that intellectually knows they are better off selling to a motivated buyer than trying to time the next uptick will not be interested in a price so low that they could not get an appropriate home or condo nearby, and of course as a buyer you don't want your fair offer to be seen as some bottom feeding insult...

There are probably dozens of homes that could fairly be priced at $500k or less that are owed by folks that, with the right guidance, would be willing to sell to the right kind of buyer.

[Schnooks]

thanks for the insight.. have actually thought about contacting owners in the area we want to be in.. may just look into that.

[sbking]

Give it time - inventories are at lows but it is still early in the season. A lot of people are going to wait for the spring market so you should see an uptick in listings in your area here soon.

@Chet - how do you figure homes in the 'desireable areas of Clarendon Hills' represent a great value? What do you base that on?

[sunnyandcloudydays]

There are a lot of homeowners out there that are literally sitting on the sidelines.

Case in point you hear homes are at rock bottom prices.

A percentage of people hear the news in the market and are waiting until there is some type of rebound with home prices.

On one hand you have very low long term mortgage rates which is huge motivator.

Certain percentage of people are vastly under water with their home loans and locked in their homes for a long time.

Somewhere I read where the prices were dialed way back to 2002 prices.
Makes it hard to sell if you bought during the peak years of 2005-2007.

[Schnooks]

@Chet.. if the desirable area is meant to be Blackhawk.. we have found those georgians and cape cods currently available are so small.

[linicx]

Housing sales traditionally take a an uptick in later Spring prior to the end of the school year. Most families move between June 1 and August 1 of each year. In another month or so you will start seeing more houses come on the market.

[chet everett]

Blackhawk Heights is served by the Westmont schools which are not as desirable those of D181. The builders that have done tear downs in that section have not seen the kind of interest as those that have been active in the portion of Clarendon Hills served by D181.

While many families may try to move well before the start of school it has been my experience over the past 25+ years involved in real estate in the western suburbs that the period from the end of NFL playoffs which culminates in the Super Bowl though the week of the Independence Day Holiday which includes the weekend after the 4th of July is when most homes suitable for families change hands. The homes still listed for sale after that period tend have sellers that are either growing nervous or those that are attempting to deny the reality of market conditions...

[Schnooks]

btw.. we have a superb 2000 sq ft ranch we'll be putting up for sale in Arlington Heights Catino neighborhood