Here’s an update on the Brookfield real estate market. Is it up, down, or flat compared to this same time last year? Let’s look at the available inventory for Single Family, three-bedroom homes.
As we last saw, there are 50 of these kinds of homes currently for sale and nine of them are listed as Short Sales. They range in asking price from a low of $97,500 to a high of $389,000. The available inventory hasn’t increased but 24 of these homes, that’s almost 50%, have a contract pending. These range between $97,500, which is a Short Sale, to $235,000. This is good news.
Yes, a buyer has made an offer and the seller has accepted it at an agreed to price. This home is on its way to closing. However, before that happens details are still under negotiation between the parties.
These include, the buyer’s home inspection which may reveal potential problems that they want the seller to repair. Closing dates may be adjusted. And, all Brookfield sellers are required to have the village do a Resale Inspection and correct any problems which may be discovered. You will find all of these details at www.brookfield.org . Most importantly, the buyer’s financing must be concluded. The lender will require an appraisal of the property to insure the loan amount reflects the value of the home. At any time in this process, the deal may fall apart, and the home may come back on the market.
However, to have almost half of the available inventory under contract is a very good sign, and, another indicator that real estate in Brookfield is picking-up, is that we saw 12 of these kinds of homes close in March, 2013 versus only 8 sold in the same month last year. Just the other day, Chicago Magazine’s Dennis Rodkin recommended buyers look at Brookfield for quaity of life and reasonable pricing for its real estate. See the clip at http://chicagotonight.wttw.com/2013/03/14/real-estate-2013-where-buy-now . So far this spring, Brookfield is seeing strong buyer activity for Single Family, three bedroom homes.