Monday, March 24, 2008

Illinois Realtors report - March 24th, 2008

The Illinois Association of Realtors (of which I am a member) released it's monthly report today (See full report here). The report is usually an analysis of the market activity from the previous month - in this case, Feb. 2008. In summary - home sales are up compared to January 2008. But still down compared to the same time last year, 2007. Home median sale prices are also down compared to the same time last year, 2007. The trend seems to be that home sellers are starting to take this to heart and prices are dropping. As a Realtor, I am often put in the situation of telling people their home is not worth what they paid for it a year ago. Although this is not easy to do - it's important to me to be upfront and honest to people, if if I don't get the listing. And I can do this honestly because I am in the same situation. I bought my current home a little over a year ago and if I had to sell - I would have to price it at or below what I paid for it a year ago. If you're in that situation and don't have to sell - my suggestion is that you hang on and wait for the market to improve. But if you have to sell - pricing is the most important consideration. Market times have increased and you are competing with foreclosures and other motivated sellers. So if you truly want to sell - now is not the time "to try it out and see what you can get".

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