This past month we definitely saw a slowdown in the showings of our Listings in Vernon Hills and we have all tried to come up with some conclusions as to what has been going on in our market along with what has been going on in the market in general. Yesterday the not so good news was broadcasted on most news media's. I have attached the article from CNN to read. Basically we are not in a recovery as has been predicated by the media and the bottom is not yet been reached. Illinois lead the country in foreclosure filings last month and we all know about the job loss situation. So if in fact you are looking to a future date to sell the pricing will be lower than it is today and that could well be a considerable amount of money. This is not the market to test the pricing and see what will happen. You will make it up on the other end if your intentions are to buy. Most of our sellers that I am working with is very aware of this, but several of our sellers need to be realistic if they do indeed want to sell in the near future.
Another post on how important pricing is to get a listing sold. I couldn't agree more. Price is right from the start is the name of the game.
I have only been in real estate 7 years so this is the first time I have experienced a down market. I have to say the most frustrating parts are Sellers/Owners not understanding the declining value of their properties and not knowing when the drop is going to end. Certainly this is an unprecedented recesssion, but I'm taking notes and learning my lessons!
Sharron: I sometimes think it's not that they don't get it ... it's they don't want to get it or face the reality. It's literally painful. That's where you and I come in. Like a doctor, we have to deliver the bad news, prescribe the cure, conduct the surgery, and try to heal the patient. And also like a doctor .. we sometimes are successful, others time not. It's easy to see that you have a firm grips on reality and true conditions of your market ... and know how to navigate them. Keep getting your word out ... it WILL sink in for those that are curable ...
Gene
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