Well, I can tell you that the market conditions have definitely changed, and unfortunately not for the better for the sellers or the realtors in my area of the Far West Suburbs of Chicago. The inventory of homes is definitely way up, and the buyers, although there are a few homes that may go contingent a day, are not available for all the homes for sale. Prices are dropping, and to no avail. Simple supply and demand. In my area, we are going to have to "burn" off some of the inventory, before things level out. I know some of it is a seasonal decline but mostly the buyers are just not there. And I would agree with what I read on someone else's blog...seller's are stuck in 2005, which, in that year and many other years past, for that matter, was a whole different story.
There was a huge boom here in general..the Chicago suburbs are creeping out to our cornfields, and taking over the farms that were once there. Retail and residential are prominently still going up, and people moving west still is a steady, yet slower trickle. Problem is, in this area, I believe, commercial, manufacturing, jobs in general, haven't caught up with all the homes. Illinois also is above the national average unemployment rate (4.7%). Illinois was very hard hit after 9/11 because of all the manufacturing housed here, and when manufacturing went down, so did a lot of jobs. It doesn't help that we in the Chicago Suburbs will travel 1 hour to work, because our jobs are in Chicago, or in another far off suburb...The Metra train line keeps moving out West. But, I guess that's for another blog...
Anyhow, I don't believe that our bubble has burst, we are just in a standstill right now...I think we are seeing "rockbottom" for this area, and we will be coming out of our funk in the spring. It may take a year or two to rebound to the very robust market we saw back then.
The boom I talked about earlier in this area, also brought what I would consider a HUGE boom in new real estate agents (me included, guilty). An older gentleman told me the other day, "If you throw a nickel around here you are going to hit a real estate agent." He's right. There are 100's(which might be on the very low side) of real estate agents in some of the larger towns. And some very heavy hitters. I have actually cheered in this market with some other agents in other companies that I talk with, when homes have been sold. I cheer for the listing agent and their accomplishment of selling the great home that has been sitting there for no apparent reason. I cheer for the market. I think my area is a great place to live, with some great deals right now.........................
now we just need some buyers...
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