Living In Plainfield

Every month I try to take a look at what is happening in real estate.  This month, I was afraid to because of all the bad news tracing back to the beginning of October linked back to the bailout.

I know that things have gone from bad to worse in 0 to 60, and I didn’t want to confirm what I already knew was happening in Plainfield IL, and I’m quite certain… all over the country.

I did a snapshot of the Plainfield IL Real Estate market over the last month and here is what the numbers are saying:

As you can see from the data above, 3 bedroom single family homes are taking a huge hit on their list to sale price.  23  single family, 3 bedroom homes sold at 91% of their asking price.  A year ago, I told my sellers to expect to get about 97% of their asking price.  Considering the current average list price of a 3 bedroom home is $255,000 and the average sold price is $196,000 there are a lot of sellers out there trying to sell their homes that are going to have a very difficult time unless they give in to a very serious price reduction.  The average market time for a 3 bedroom home is roughly 6 months or 180 days.  If you were to list your 3 bedroom home for sale tomorrow, you’d be competing with 287 other Plainfield IL homes for sale.

The same applies to 4 bedroom Plainfield IL homes as above.  The average list price of 4 bedroom Plainfield IL home is $367,000, yet the average sold price is only $289,000.   4 bedroom homes are selling in about 5 1/2 months or 160 days.  The upside to the 4 bedroom single family market is that these homes are selling at about 95% of their list price.  The downside is that there are 565 competing properties in the Plainfield IL market if you are trying to sell a 4 bedroom home.

I hate to be the bearer of bad news for so many homeowners who need to move, but this report is a serious wake-up call for anyone who is thinking of selling a home during these tough economic times.  

Remember, if you need to sell your home due to foreclosure, I work with a professional short sale negotiator with over 20 years experience.  You may qualify for selling your home through a short sale without paying Realtor commissions, attorney fees, taxes or other miscellaneous expenses associated with selling a home in Plainfield IL, Joliet, Romeoville, Naperville, and Shorewood.  Call me at 630-673-6233 to find out more about the short sale process, and the benefit of having your short sale negotiated through a law office by professional short sale specialists.

Julie Ferenzi | Realtor®
Plainfield IL Homes
630-673-6233