How is the real estate marking going in Elmhurst and vicinity? (Wheaton: for sale, foreclosure) - Chicago Suburbs - Illinois (IL) - City-Data Forum

ramblin man · 09-20-2009, 11:08 AM

Not sure this is the place to ask the question so I'm sure someone will tell me if so.

But I'm wondering for those who already own a home in Elmhurst, Wheaton, other communities, how is the market going on the sell of your home. Are buyers even out there right now buying homes? I'm talking more in the market of houses in the $700k to $850k price range, not in foreclosure, etc.

ramblin man · 10-11-2009, 10:48 PM

Dead I guess?

middle-aged mom · 10-12-2009, 11:47 AM

While I do not work this area, the MLS shows 38 homes for sale in the range you specified. 2/38 are under contract.

4 homes, in the specified range, sold/closed over the past 3 months.

Looks like it will be a long winter, for most in this range.

chet everett · 10-12-2009, 10:14 PM

mam is mostly correct -- lots of factors, but the basic problem is lack of buyers. The pipeline of finance is not good for move up buyers in the stated price range, as lots of those buyers do need jumbos. It is not just that the standards have tightened, but the rate premium SUCKS and the ability to be sure that the house such a buyer is moving up from will sell for enough to get them at least a 20% payment. For folks in the stated range that means they may need to bring a quarter of a million in cash to the deal. The stats on that say there are people out there capable of such investments, but it is easy to understand why they'd prefer to sit things out...

BRU67 · 10-13-2009, 08:10 AM

Quote:

Originally Posted by chet everett

mam is mostly correct -- lots of factors, but the basic problem is lack of buyers. The pipeline of finance is not good for move up buyers in the stated price range, as lots of those buyers do need jumbos. It is not just that the standards have tightened, but the rate premium SUCKS and the ability to be sure that the house such a buyer is moving up from will sell for enough to get them at least a 20% payment. For folks in the stated range that means they may need to bring a quarter of a million in cash to the deal. The stats on that say there are people out there capable of such investments, but it is easy to understand why they'd prefer to sit things out...

Yup, it really works from the bottom up, doesn't it? If those on the lower end can't sell for a decent price, then they can't move up a level, and ultimately demand dies at the top. Residential real estate is in many ways a pyramid scheme.