Dennis Rodkin
Call it a wave of price cuts or a market adjustment, but there is no way to mask the fact that people selling residential real estate locally have been dropping their asking prices in droves. Deal Estate combed through data from the Multiple Listing Service of Northern Illinois and found that one out of three single-family homes sold in the Chicago area so far this month were bought only after the initial asking price dropped at least once.
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Solid data for comparisons to past years is not available, but several real-estate agents who have made sales this month agree that price cuts are unusually common right now. “What’s happening is that people who priced their homes in early spring are coming down now anywhere from 5 to 10 percent,” says Mary Duncan, the sales manager at Prudential Elite Realtors in Naperville.
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One home belongs to a couple that transferred here two years ago; now, having been transferred once again, they are essentially asking what they paid for the place back then. The second residence is a newly constructed house that has a twin next door, which sold, in 2005, for $299,900. After listing the newer house last fall at $334,900, Fields has dropped the asking price—to $299,900.
Keep going! Keep going! There is so much more "fluff" out there.
The fact of the matter is that some people are going to get screwed. When the music stops, someone will be without a chair. I'm just surprised it has kept it up as long as it has.
2 comments:
Get the hint faster, please. I would like to buy my first home before I turn 40, which will be in 7 years.
The reality of the market and the seller's expectations are still not quite in sync. I have seen a number of homes drop in price. Usually, it's in $2-5,000 increments. More please. Do yourself a favor...do you actually want to sell your house?????
just wait a little longer. it's moving slow like a lava flow. pack away the cash and eliminate the debt.....you will be one of the few qualified buyers.
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