SUN CITY – If it looks like there are a lot of “for sale” signs dotting the lawns of Sun City homes, it’s no illusion – the number of homes for sale is up from previous years.
According to Tom Hall, realtor with Huntley Realty, at the time of a June 17 interview, there were 212 Sun City homes on the market. He said Sun City typically hovers between 140 and 160 homes for sale.
Fifty-three Sun City homes have been put up for sale and closed in 2011 to date. 162 homes were put on the market and closed in Sun City last year.
Hall expects about 140 homes to be sold this year and anticipates a strong summer, which usually lasts through September before sales slow.
“I always tell folks, your number one goal is to get your home contracted before October 1 so you can get it sold and closed,” he said. “As we march into the winter months, a lot of houses start getting taken off the market, waiting for the spring.”
One reason Hall noted for the number of Sun City homes on the market is that owners who waited to see if the market would improve before selling their homes were left disappointed.
“They were taking the wait-and-see approach, and the wait-and-see approach unfortunately has not proven effective for them,” he said.
Hall said local economic news is more relevant to real estate markets than national news. McHenry County’s unemployment rate (not seasonally adjusted) was at 9.1 percent this May, according to figures by the Illinois Department of Employment Security, a figure Hall thinks plays a big role in the housing market.
“Until we can get unemployment in line, we’re going to have housing that’s definitely going to take a hit as we march forward,” Hall said.
Joe Render, a realtor for Huntley Realty known as “The Realtor,” and N.12 resident, sees a link between the recent property tax increase in Rutland Township and the increase in “for sale” signs in Sun City.
“This is a staggering increase – people on fixed income haven’t got another 150 [or] 200 bucks a month sometimes to throw in there, and that’s unfortunate,” Render said of the tax bills.
The other reason, according to Render is what he called a “transition” of residents from Sun City. As residents who first moved in to the community about 10 years ago age, they may look to live in warmer climates or assisted-living facilities.
Render believes new residents will move in gradually, rather than in a large wave. He expressed confidence that Sun City is an attractive place for seniors.
“It still is one of the best sectors of real estate that’s out there [for an] active adult, and it always will be,” he said.
He added Sun City is a unique community, and – like unemployment figures – does not always follow the national trend.
“Del Webb Sun City is a niche market; they’re different than any other sector,” Render said. “What’s happening in Austin [TX] or Naples [FL] or Anaheim [CA] has little to do with where we are.”
Hall said selling a home in Sun City takes about seven to nine months depending on home size – similar to the time it takes in most traditional neighborhoods.
Given that the market is not the same as it was 10 years ago, Render offered advice to Sun City residents looking to sell.
“It’s all about price and cleanliness. It has to be at a compelling price,” he said. “It’s not the time to be testing the market, saying ‘You know what? Let’s see what happens?’ Forget it. It’s a buyers’ market.”
