Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago Suburbs
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-04-2008, 05:03 PM
 
4 posts, read 15,482 times
Reputation: 10

Advertisements

Prices are expected to decline another 5-10% this year. I wouldn't even think of buying anything until 2009.
Reply With Quote Quick reply to this message

 
Old 03-04-2008, 09:23 PM
 
Location: Chicago suburb
702 posts, read 2,515,382 times
Reputation: 253
Chitowner when can we leave Chicago and get to California????????? I'm cold.
Reply With Quote Quick reply to this message
 
Old 03-05-2008, 09:41 PM
 
18 posts, read 66,083 times
Reputation: 11
Default A house to sell!

Quote:
Originally Posted by gardener34 View Post
This crummy winter that won't end makes people hibernate inside too. Don't rule that out as a factor.
That's so funny! We would LOVE to move now and sell our house but w/the market and economy around us is bad. It is the "buyer" that making it way to buy new home.

We want to move into a bigger house as our last move for the kids to grow up. And having to say that our next dream house is down the road from us! We check w/our realtor and told us to hold down until about 2 years from now. And that dream house will probably be GONE w/no lot left. On top pf that our subdivison homes comp isn't nearly what we wanted to sell for our house after a few remodels have been done. The good thing we didn't go over board like our neighbor did, sshhh.
Reply With Quote Quick reply to this message
 
Old 03-05-2008, 09:43 PM
 
18 posts, read 66,083 times
Reputation: 11
Quote:
Originally Posted by NYrules View Post
You're doing good with that. (couple showings) My neighbors have both had their homes up now for 5 months without a SINGLE showing! And thats in Orland Park! That is scary. Nobody is buying anything and I don't blame them. Who can afford it. This country is in BIG trouble. Nobody can afford anything, prices keep skyrocketing, prices on homes are pretty stagnant now, but people are not willing to come down on their home prices and quite frankly I can't blame them, jobs are scarce and don't pay worth a crap, more and more companies keep fleeing over to China to avoid the high costs of doing business here, and it really looks like gas is going to $4 a gallon this spring... I dunno this is really getting bad.
I agree w/you on everything you said....we really want to move one last time but damn the dream house won't be there for us. I certainly hope our next president will get our country's economy to be taken seriously!
Reply With Quote Quick reply to this message
 
Old 03-06-2008, 11:17 AM
 
Location: La Grange Illinois
79 posts, read 263,315 times
Reputation: 28
It's really discouraging to hear all of this negativity about the market being "sooo" bad. That is the main reason people DO NOT WANT TO BUY.

If your house is not selling, it is more likely that your home is priced TOO HIGH for your particular market. And, if your neighbors house has not sold in 5-6 mos. that is too probably the reason.

Advise, clean up the clutter and make a few updates/changes to the way your house "looks" that creates appeal and you will help your situation.

Buyers are out there but they are VERY picky and rightly so, there are conditions caused from the REO and foreclosure markets (I am sure you've heard) that are causing so much inventory. People want move in ready, bottom line.

The banks are not making it any easier due to the credit crunch and strict guidelines - they do not want to take risks right now. Until that is straightened out, we will see buyers stuck renting and houses staying on market for longer periods of time.

But homes WILL not be FREE or drop to zero. Prices are expected to level off this end of Summer 08'.

If you want your house to sell, you have to work hard to get it to the condition buyers are looking for or LOWER the PRICE.

Last edited by cmoscinski; 03-06-2008 at 11:26 AM..
Reply With Quote Quick reply to this message
 
Old 03-11-2008, 08:32 PM
 
Location: Frankfort, IL (chicago suburb)
10 posts, read 26,062 times
Reputation: 11
Well Chitowner, I just did an MLS search in Orland Park, price range $300k-$600k, for the past 5 months and only 28 homes have sold. Same search in Tinley= 16 sold, Palos Park=3, Homer Glen=11 just give you some sort of idea what is going on.

The number of homes for sale in Orland Park with the same criteria as above=174. If you do the math at 6 homes per month you get about a 30 month supply. Well, I wouldn't go that far but I think you can see what I am getting at. Still, a few homes are selling. What do you need to do to become one of those chosen? Ask your agent. Reduce your price, offer incentives, or if you have to take too big of a hit, and don't need to move, what until things turn and inventory is reduced. If trying to sell by owner, you are going to have a very tough time. You just can't get the market reach that an agent can get.

Anyway, that is what I came up with. Those are the numbers, and everyone will have their own ideas on what is going on. Buyers are sitting on the sidelines just watching right now.
Reply With Quote Quick reply to this message
 
Old 04-16-2008, 05:48 PM
 
28,455 posts, read 84,950,339 times
Reputation: 18725
A lot of the homes that have long TOM would have had long TOM even in the hottest stretch of 2005-2006, don't ya think? I saw a place last night that I swear made be check the calendar. Yep, 2008. Yep a living room with BROWN paneling and plastic slipcovers...

Ok, so its an estate, put please kids, toss out grandma's treasures so that clients are not creeped out. They actually asked if thought somebody died there -- as in IN the house. Thank goodness it was at least clean and odor free.

ARGH -- catboxes. People, just because its been a long winter and YOU are immune to the stink doesn't mean normal people are. Clean up already. Has everybody canceled their HGTV channels or what???
Reply With Quote Quick reply to this message
 
Old 04-16-2008, 11:02 PM
 
60 posts, read 290,775 times
Reputation: 37
Chet -
They buyers looking at my house are watching too much HGTV. The last feedback we received included suggestions for rearranging the dining room and great room furniture, and a suggestion that we stage our bedroom with additional, rented furniture.
My house is not on TV! I'm not having open houses so you can critique my furniture arrangement! Buy my house and arrange your own furniture however you like.
Reply With Quote Quick reply to this message
 
Old 04-17-2008, 06:19 AM
 
28,455 posts, read 84,950,339 times
Reputation: 18725
You might be on to something -- if potential buyers are watching the "fantasy" thinking it is reality and sellers are living in REAL reality that leads to a mismatch in expectations.

I don't think renting furniture makes sense, but sometimes a wee bit of tweaking can help people see that there are options.

I've even heard of folks emptying out rooms snapping pictures for a web site or brochure and then moving everything back so the owners can live like they're used doing. Might work.

Heck the weather is getting better that ought to spark the market -- SOMETHING has to!
Reply With Quote Quick reply to this message
 
Old 04-17-2008, 07:38 AM
 
6 posts, read 26,282 times
Reputation: 11
As someone who just purchased a house in the last month, here's my humble opinion:

My wife and I probably looked at nearly 30 properties, and I would say saw very little value in nearly everything we saw. I agree with the previous poster - prices have a lot to do with it.

It's laughable when I think about some of the duds we looked at. Cheap remodeling, misrepresentation (it's 4 bedrooms - 2 are in the basement.), etc. I'm sure this is not unusual when shopping for a home in any market, but when you are asking insane money for little value, don't be surprised if I balk at it. I've worked too hard for too long getting a down payment together to bail out your bad decision or finance your retirement.

There is still a skewed sense of 'well, my neighbor sold his 2 years ago for x, so I'm entitled to it, too.'

There are buyers out there, and they are being pickier because they can be. I have to admit, I felt great as a buyer because I knew sitting on the sidelines during all the crazy price run-ups of the past few years was worth it when I got my price.

You have to price according to the market, and realize that any potential buyer is assuming a risk because no one knows where the market is headed.

That being said, with gas prices where they are, you may have to make your pricing that much more attractive if you are in an outlying suburb. If gas prices stay where they are at or keep climbing, no one is going to want to fill up twice in a week to get to work (unless you live by a train line).
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago Suburbs
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top