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THE REAL ESTATE MARKET HAS CHANGED...

The real estate market has changed...

This morning, as I was going through today's real estate activity in Naperville, one transaction caught my eye...

728 Chateaugay had just been sold.

728 Chateaugay

This was one of the first homes that I ever showed...

It was three years ago. My first clients. They loved the neighborhood (Hobson Village), the trees, the lot, the layout...

The home needed a bit of updating. A remodeled kitchen would have been great...

They liked the home enough to make an offer, the first of my career...

My clients lost out to another bidder (again, this was three years ago). The seller was asking $434,900. We bid $419,900.

The winning bidder paid $430,000. He was probably pretty excited. It was a nice home.

Well yesterday, the home was sold again. This time it was a short sale...

Selling price? $332,000.

The real estate market certainly has changed...

Ken

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Posted by Ken Tracy Realtor Naperville Illinois Real Estate on 03/25/2009 05:36 PM

Comments (23)

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Originally posted at: Ken's Naperville Real Estate Blog : THE REAL ESTATE MARKET HAS CHANGED...

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23 Comments on THE REAL ESTATE MARKET HAS CHANGED...

MAR

It is amazing when you see homes that you have sold....sell for much less.. I am actually listing 2 homes that I sold a couple of years ago...now they are short sales...even though, who knew this would happen...I still feel bad about it.. :)

What a trip down memory lane-you are right my how times have changed.

We are seeing over 50% loss in a lot on some homes in Contra Costa County in Northern California.

Hi Mike, Pat, and Konnie. Thanks for reading.

The strange thing is that is the only real estate market I know. Straight down!

Mike, California has had quite a hair cut.

Thanks again!

Ken

I was doing 2 Comparative Market Analysis today and was amazed on how much the homes have dropped in sale price since last year. What was worse is the competing active homes are listed 10% below recommended list price. Monroe County Pennsylvania. Michelle Cappabianca

Nice to see those homes you saw when you were knew go back on the market. Keeps you in check

Ken, that is a HUGE price drop. Something in Texas we have been very familiar with many times in other parts of our housing cycle but not this one. Our prices here are actually now slightly going up.

Ouch. Prices here in Fort Wayne have not dropped near that much.

Hi Jared, Gary, Jim, and Michelle. Thanks so much for reading.

The homes that are selling have come down a lot here.

Lot's of stubborn sellers in denial...

Thanks again guys!

Ken

Ken - WOW! That has to hurt. I just showed a home that sold for $2,000,000 in 2007 and now is foreclosed and selling for $679,000.

It's changed so much....so much....and I like it....finally

Hi Robert and Larry. Thanks for reading.

We still need volume to pick up, and that won't happen until sellers accept the new market.

Thanks guys!

Ken

Hi Ken-It certainly has changed!

Ken, that sounds about right for over here in Ann Arbor.

Someday we will return to normal, that wasn't normal. Now we are below normal so someday................

Hi Ken, That makes me catch my breath. As others have said, we haven't had that happen here this time around.

MAR

Ouch! Sounds like the experience was bittersweet. Good memory that it was the first house ever shown...the selling price...ouch.

Ken,

It's happened all over AND it will recover; it always does.

Hi Terry, Marlene, Shirley, Missy, and Joe. Thanks for reading.

It still surpises me to see the equity that was lost in home purchases.

Very unusual.

Thanks again everyone,

Ken

Ken,

I bet your clients are glad that they lost out on that offer. But you are so right sir, the market has definitely changed.

Ken it isn't your fault. Change isn't the only thing we are seeing in Washington. I now do my best to get buyers to shoot a little lower than they would like in prices.