Schaumburg, IL 2007 Real Estate Market Recap

We all know that 2007 wasn't a very good year for real estate in Schaumburg. There was a sharp drop in purchasing activity that caused a huge increase in inventory, what most people don't understand is this all started in 2006. The chart below shows that the inventory curve started increasing at the start of 2006 and continued most of 2007. At the end of 2007 we start seeing a nice reduction in inventory that could be signs of the market picking up.

The next chart will show that home prices have dropped during 2007, the lower curve shows the median closed sales price for Schuamburg. You can see that the reduction in prices seems to have stopped and the curve is almost flat. This is a great sign that home values will not continue to drop and we are at the bottom of the market.

The upper curve shows the median new listing price. What is important to note is that sellers have come to realize their homes aren't worth their previous highs and list prices are now much closer to actual sales prices. This is important as sellers and buyers are starting to feel homes are worth the same amount and should help spark more activity.

While there is no way to guarantee what the market will do we know that this is a great buyers market and there are great opportunities out there. If you are interested in searching for real estate in Schaumburg use our free MLS Search. If you have any questions about the current market or have any other real estate questions feel free to contact us.

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