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HOMES ARE STILL OVERPRICED...

At the risk of sounding like Debbie Downer,
I believe homes are still overpriced.

But isn't all real estate local?

Well, the National Association of Realtors (NAR) does say all real estate is local, and I don't want to get in trouble with them...

So let me just say that the homes in Naperville are still overpriced...

What? But the real estate market has corrected 30%. How can it still be overpriced?

Pretty simple. More sellers than buyers.

Case in point, one of my favorite subdivision here in Naperville is Cress Creek. It is beautiful. Great location. Great schools. Big trees. Set around a golf course...

There are currently 41 homes for sale in Cress Creek. Of the 41, only 2 are under contract. Two out of forty-one is an incredibly low ratio...

Fall is just around the corner. Winter will follow. If some of these homes don't sell soon, they will be cluttering up the market next year, further pressuring prices...

Admittedly, this is a very small case study. Some subdivisions are doing better, but not many.

For every seller, there are two more who want to sell if "the market would just improve". There are simply too many homes for too few qualified buyers...

So yes, I believe homes are still overpriced.

Or maybe I am just Debbie Downer...

Ken

To buy or sell a home in Naperville or elsewhere in Chicago, go to my website anytime.

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Posted by Ken Tracy Realtor Naperville Illinois Real Estate on 08/06/2009 10:48 AM

Comments (11)

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11 Comments on HOMES ARE STILL OVERPRICED...

AUG

Ken - When you look at inventory compared to sales, most areas are overpriced. Many sellers haven't accepted the reality of the market and do not have to sell, so they are waiting to see if they can snare an unsuspecting buyer. But buyers are more savvy than ever and are not going for the bait.

And with more foreclosures coming, most of these sellers will be disappointed.

Pricing does play an important role in selling-you are right homes do need to be priced great in order to sell they are competing with Bank Owned and Short Sales.

Hi John and Pat. Thanks for stopping in.

I really feel great about real estate. I am hoping to buy a home this fall...

It is just when I look at subdivisions with zero homes under contract I start to wonder...

Thanks again,

Ken

You know what they say about opinions, so jump right on in there. My is they are also overpriced but that is because here they are expected to drop another 11 to 18%.

I agree 100% I wish these people would get real!

You're absolutely right. IN most markets, real estate values are still too high. But, more and more Sellers are finally getting the message. Yes, there will be more pain in our futures.

Hi Charles, Melissa, and Tom. Thanks for stopping in.

These are unusual times. Supply and demand don't meet. Volume unnaturally low.

Lots of pent up demand. We must keep marketing!!!

Thanks again,

Ken

Ken,

I am thinking that both sides, buyers and sellers, need to get realistic. If the buyers would start to come out then some of the inventory will begin moving down. The BUT is, sellers need to have a properly priced home.

Hi Don. I just am watching most of the inventory just sit. Good stuff (well priced) is selling. Old stuff just sits...

Thanks for stopping in,

Ken

AUG

Hi Ken... The NAR is right... all RE markets are local. Here in Dallas, inventories are starting to decrease... they are not where we would all like for them to be, but it's a start and trending more positively.

Here, it varies greatly by price. A definite sellers market in the entry level price range, but the higher up the scale you go, the greater the inventory, with numbers like the ones n your favorite neighborhood there.

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