The state of Sun City real estate

A major Chicago newspaper recently had a headline proclaiming that “Chicago-area home sales and prices are seeing double-digit gains.”

“We just don’t have enough homes to sell,” said Laura Ellis, President of residential sales for Baird & Warner.

As a result, sales and prices are surging. More than 7,000 homes were sold in the nine-county Chicago area in February 2021, up 14.7% from February 2020. The median sales price rose 12.5% according to the Illinois Association of Realtors.

The Sun Day asked Carol Noonan, a Real Estate Professional who is also a 16-year resident of Neighborhood 24, her insights into the real estate market in Sun City.

Sun Day: Do you expect an increase, decrease or same level of interest in Sun City homes this year compared to 2020?

Noonan: “Based on the current market I believe that there are so many buyers waiting for a home in Del Webb that fits their needs that there will continue to be an increase in interest in Sun City through 2021.  I have several buyers myself waiting for the right home to come on the market and of course there are many other Realtors in the same situation.”

Sun Day: Do you expect the average selling price to increase, decrease, or stay at the same level as previous years?

Noonan: “Again, based on the current market I feel that the selling prices will continue to increase until the backlog of buyers slows down. At the point that there are more homes on the market then the sales prices will level off or even decrease when there is more competition. If a certain model is on the market and there are 3 or 4 or more of the same model on the market then usually the prices level off because now the buyers have more to choose from.”

Sun Day: In the last five years Sun City has experienced a 5% annual turnover rate. Do you expect that to continue?

Noonan: “I feel that it will continue. Many times, when people are moving, they are going to Independent or Assisted Living but Due to Covid in 2020 many homeowners decided to stay put. This year appears that more homeowners are now ready to make the move but with the backlog of buyers they are selling very quickly.”

Sun Day: What is the typical time a Sun City home is on the market?

Noonan: “In this market it is not unusual for homes to get contracts in a few days.”

Sun Day: Do some models seem to sell quicker than others?

Noonan: “Absolutely, some models are much more popular than others.  It goes in waves. The smaller homes tend to go more quickly because many of the buyers coming to Del Webb are downsizing and no longer want a large home or home with a basement. Sometimes no one wants to buy a basement and then all of a sudden everyone wants a basement and we don’t have enough on the market.”

Sun Day: Other things you would like sellers to know?

Noonan: “When selling your home, some of the most important things are to declutter (sellers should look at pictures of other homes on the market and see how the homes that are decluttered look and then look at the ones that aren’t and how they look).  I find that buyers like when a home feels like a home is lived in so don’t hide all family photos, etc.  Also, when they are having showings, it is very important to have lights on and blinds open. If they have pets, it is best to not have them in the house during showings.”

Noonan: “If they have lots of rugs it is best to remove most of them. People like seeing the floors and plus it is less of a tripping hazard. The first impression that buyers have of sellers’ homes are the photos on the listing and when they drive up to the house. Keeping the yard in good shape is important and also as they are waiting for their Realtor to open the front door, they are looking at the front porch. Very important to keep it clean and swept.”

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