The Champagne Realty Group Market Update: Lombard Real Estate

As a real estate agent I constantly hear from new clients or people that I have just met about a great deal that a family member had once gotten on a short sale or foreclosure. Although there are always deals to be had in any market, a lot of what TV and the media presents to us gives potential REO/foreclosure and short sale purchasers a skewed idea about what is and is not realistic. 

The graph above shows us the relationship between how much money off consumers in Lombard are negotiating off the list price of a property at the time when they submit an offer. As you can see traditional home sellers often give up more money off of the list price during negotiations than a short sale or REO/foreclosure. As I mentioned above, if you are working with an experienced agent there are ways that you can increase your chances of getting a lower offer accepted for an REO/foreclosure or short sale property but it is in no way the norm for a buyer of a distressed home to get a property for pennies on the dollar. 

Taking a look at the Lombard real estate market here are a few tidbits on the performance of properties for sale over the past year. The median sales price in Lombard is about $235,000; that's up about 4.7% from January results in 2015. Median market time has dropped by about 8% to 44 days and the overall median list price to sales price ratio for the greater Lombard area is up about .6% to 97%. 

What does this mean for you if you are looking to buy or sell in Lombard? This is great news for people who decided to wait a year to sell their home as now they can get a bit more for their home, spend less time marketing it for sale and expect to negotiate a bit more for themselves at the time of an offer submission. Current months supply of inventory for Lombard is just under 3 months - this is on the low side for our area. This figure means that there is not a lot of inventory of properties listed for sale in Lombard. This reduction in supply means more competition between buyers for good properties and a higher likelihood of multiple offer situations created for home sellers. 

Follow this link to see all of the available properties currently listed for sale in Lombard, IL!

Contact The Champagne Realty Group today by email at KatieOakes@KW.com or via phone at 630-464-9437. The Champagne Realty Group is one of the top producing teams in DuPage County and has helped hundreds of clients navigate the local real estate market. The Champagne Realty Group has closed over $90 Million in Volume with 270 Transactions for 2013 through 2015 alone.

The accuracy of all information is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.