Elgin Market Analysis
  
I realize that this is a big decision & there is a lot to consider. If you end up declining the offer then I will respect that & continue my efforts to find another buyer. 
  
I believe that your home is priced very reasonably.
 
It's possible that we would find another buyer that is willing to pay full asking price but the data shows that homes that did sell all came down on the price to get it sold. 
  
The current real estate market is not favorable to sellers or builders in Elgin & below I will outline the data that I used to advise you on the current list price. 
 
 
Market data for homes in Westwind
  
  • Average sold price: $269,871
  • Average sold days on market: 84

  

  • Average pending price: $238,826
  • Average pending days on market: 64

  

  • Average active price: $265,466
  • Average active days on market: 107

  

The above market stats include all homes that are either for sale now, pending or sold within the last year.

 

Of the homes that did sell they sold at 91.26% of their original list price. That means they all reduced their price to get the home sold. 

  

You can see a full PDF report here: Westwind market analysis

  

Another factor to consider in the Elgin market are the new homes currently being built in your area.

  

All of the builders are offering lower than market interest rates ranging from 3.99% - 5.99% where the market rate right now is between 6.5% - 7%.

  

In addition to that, builders are also lowering their prices & giving closing cost money that range from $5,000 - $25,000 depending on the builder & home. 

  

Below is an overview of some of the new homes being sold in Elgin.

  

  

Elgin New Home Market Data

  

  • Average sold price: $338,633
  • Average sold days on market: 173

  

  • Average pending price: $345,195
  • Average pending days on market: 122

  

  • Average active price: $333,669
  • Average active days on market: 59

  

You can see the full PDF report here: Elgin New Home Analysis

  

Just as with the used homes, sellers are also reducing prices.

 

Of the new homes that did sell they sold at 93.57% of the original list price. All but 1 of the new homes sold had to reduce their price to get the home sold. 

  

I will completely understand & respect your decision either way. My role is to give advice on making the best decision possible. 

 

Let me know what you decide on.